10473 S Nogales Hwy · Summit, AZ 85756

$395,000

8 bd · 4.8 ba · 1,974 sqft · MultiFamily public records · 292 Days on market

Built 1967 1.09 ac lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• Rent growth +2.9/5.0
• Livability +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Great rental property on over an acre. 4 units in two buildings, tucked behind a nice single family home. Such a unique property. All units are individually metered for gas and electric and have been recently remodeled. A/C units, flooring, paint, appliances, all redone in the last few years. Completely occupied!

Key facts

• Private acre lot
• Secluded setting
• 1.09 acre lot

Tags

• PRIVATE ACRE LOT
• SECLUDED SETTING

Property features AI

Finance

• Other: Zoned Pima County - GR1
• Financial info: Four total units; Gross scheduled income: $48,300; Gross income: $45,402; Net operating income: $33,271; Operating expenses: $12,131; Insurance expense: $1,162; Professional management expense: $3,532; Other expenses: $1,000; Water/sewer expense: $2,400; New taxes (2024): $2,037

Exterior

• Parking: Parking on property for individual units; Total of 20 parking spaces on site
• Utilities: Septic tank; Phone connected
• Home design: Quadruplex; Single-story units
• Construction: Block and masonry stucco construction; Built-up roof
• Exterior features: Paved road access; North/South exposure; Owner-maintained road

Interior

• Kitchen: Gas range; Dishwasher included (not explicitly listed but common with disposal — if absent, confirm); Double sink; Lazy Susan; Disposal
• Bedrooms: One 1st-floor 1-bedroom unit; Two 1st-floor 2-bedroom units; One 1st-floor 3-bedroom unit
• Flooring: Carpet
• Bathrooms: Three units with one full bath; One unit with two full baths
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Double sink; Lazy Susan; Disposal
• Laundry & utility: Laundry located outside

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.2-bath units multifamily listed at $395k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $485/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $395k).
• Recommended offer: $348k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 56/100 on livability (#254 in AZ) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Sunnyside Unified District (4407) (urban): math 9% / reading 15% proficiency, ranked #233 of 249 in AZ (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Challenger Middle School (math 5% / reading 13%, grade F, #200 of 218 statewide, top 93%, 654 students, 82% FRL); Desert View High School (math 9% / reading 12%, grade F, #295 of 381 statewide, top 78%, 2,169 students, 69% FRL) — zoned schools average 75% FRL vs 56% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.5%/yr); 158 active listings in the ZIP; 5,268 units permitted in Pima County in 2024 (996 in 5+ unit buildings).
• At $5,513/mo this rent would consume 91% of the median local household income ($72k/yr) (locally 265% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Pima County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 1.5% rent growth), your $111k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 292 days — a 12% lower offer ($348k) is reasonable based on typical stale-listing flexibility.
• 18 sale attempts since 18y ago; this cycle's ask has dropped $75k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $347,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 292 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.40% ✓
• Cap rate: 12.19%
• Cash-on-cash: 21.05%
• DSCR: 1.94
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.52% rent growth · sell at horizon

5-year hold

• IRR: 11.9%
• Equity multiple: 1.46×
• Total profit: $51,370
• Equity at exit: $58,896

10-year hold

• IRR: 19.7%
• Equity multiple: 2.55×
• Total profit: $171,186
• Equity at exit: $34,152

Cash invested: $110,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Arizona: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

5-day pay-or-quit; AZ courts known for speed; no state rent control; cities preempted by state law.

Methodology + full state rankings →

ZIP-level market 85756

• Home prices YoY: -19.4%
• Rents YoY: 1.5%
• Active inventory: 158
• Price-to-rent: 23.9×

Monthly cashflow live

• Estimated rent: $5,513 medium
• Mortgage (P&I): −$2,071
• Tax from tax record: −$179 /mo · $2,148/yr
• Insurance: −$165
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,158
• Net cashflow: $1,940

Break-even live

Break-even rent $3,057

Max offer price $395,000

Occupancy floor 60%

Sensitivity live

Price	-10% $2,164	-5% $2,052	+0% $1,940	+5% $1,828	+10% $1,717
Rent	-10% $1,505	-5% $1,723	+0% $1,940	+5% $2,158	+10% $2,376
Rate	-1.0pp $2,139	-0.5pp $2,041	base $1,940	+0.5pp $1,838	+1.0pp $1,734

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1.2	$5,512
Total (4 units)			$5,513

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $98,750
• Closing costs: $11,850
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-01
   status $395,000 Pending 292 DOM
2. 2026-05-31
   days on market $395,000 Active Contingent 292 DOM
3. 2026-04-27
   historical Active Contingent
4. 2026-04-14
   status Active
5. 2026-03-26
   historical Active Contingent
6. 2026-03-03
   price $395,000
7. 2026-02-01
   price $420,000
8. 2026-01-18
   status Active
9. 2026-01-10
   historical Active Contingent
10. 2026-01-04
    price $445,000
11. 2025-08-14
    status Active
12. 2025-08-10
    historical
13. 2025-08-08
    listed $470,000 Active
14. 2021-09-03
    soldstatus $377,000 Closed 314-char remark

    Show marketing remark (314 chars)

    Great rental property on over an acre. 4 units in two buildings, tucked behind a nice single family home. Such a unique property. All units are individually metered for gas and electric and have been recently remodeled. A/C units, flooring, paint, appliances, all redone in the last few years. Completely occupied!

15. 2021-06-18
    historical Active Contingent 314-char remark

    Show marketing remark (314 chars)

    Great rental property on over an acre. 4 units in two buildings, tucked behind a nice single family home. Such a unique property. All units are individually metered for gas and electric and have been recently remodeled. A/C units, flooring, paint, appliances, all redone in the last few years. Completely occupied!

16. 2021-06-14
    listed $362,280 Active 314-char remark

    Show marketing remark (314 chars)

    Great rental property on over an acre. 4 units in two buildings, tucked behind a nice single family home. Such a unique property. All units are individually metered for gas and electric and have been recently remodeled. A/C units, flooring, paint, appliances, all redone in the last few years. Completely occupied!

17. 2020-09-01
    historical
18. 2020-03-27
    status Active
19. 2020-03-05
    status Pending
20. 2019-10-16
    price $329,000
21. 2019-09-25
    listed $345,000 Active
22. 2019-09-09
    historical
23. 2019-07-16
    listed $345,000 Active
24. 2017-12-22
    soldstatus $98,000 Closed
25. 2017-12-22
    soldstatus $98,000
26. 2017-12-09
    status Pending
27. 2017-11-14
    status Active
28. 2017-10-17
    historical Active Contingent
29. 2017-08-23
    status Active
30. 2017-08-17
    historical
31. 2017-06-15
    status Active
32. 2017-05-13
    historical Active Contingent
33. 2017-05-02
    listed $117,000 Active
34. 2017-04-06
    historical
35. 2017-03-06
    price $117,400
36. 2017-02-05
    listed $119,900 Active
37. 2017-02-05
    historical
38. 2016-11-06
    listed $119,900 Active
39. 2016-10-04
    historical
40. 2016-10-04
    historical
41. 2016-08-09
    price $109,900
42. 2016-08-09
    price $109,900
43. 2016-04-02
    price $120,000
44. 2016-04-02
    price $120,000
45. 2016-04-01
    listed $115,000 Active
46. 2016-04-01
    listed $115,000 Active
47. 2016-03-14
    historical
48. 2016-01-05
    listed $140,000 Active
49. 2008-07-03
    soldstatus $170,000
50. 2008-07-03
    soldstatus $170,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast AZ · Resets to sale price

• Current annual tax: $2,148 · $179/mo
• Projected year-2 tax: $2,607 · $217/mo
• Expected delta: +$459/yr (+$38/mo · 21.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 8/10 Severe
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $66,156
• − Mortgage interest: −$22,126
• − Property taxes: −$2,148
• − Insurance: −$1,975
• − Repairs & maintenance: −$5,292
• − Management: −$5,292
• − Depreciation: −$11,491
• Taxable income: $17,831
• Est. tax owed @ 24.0%: −$4,280
• After-tax cash flow: $19,004/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Sunnyside Unified District (4407)
• NCES district ID: 0408170
• Math proficiency: 9% ▼ -21.00%
• Reading proficiency: 15% ▼ -14.00%
• Median HH income: $34,365
• Composite: 9.76/100
• National rank: #9827
• State rank: #233 of 249 in AZ

Livability — Summit

• Score: 56/100
• State rank: #254
• US rank: #23040

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment F Housing A+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Summit, AZ
• County: Pima County · 1,012,107 people
• Metro: Tucson, AZ
• Population (ZIP): 37,700
• Household income: $72,490
• Rent vs Own: 18.9% rent · 81.1% own
• Severe rent burden: 265.0

Population outlook (Pima County) Hauer SSP2

• Today (2025): 1,066,056 people
• By 2030: 1,086,684 · +1.9%
• By 2040: 1,117,160 · +4.8%
• By 2050: 1,149,778 · +7.9%
• By 2075: 1,271,480 · +19.3%
• By 2100: 1,321,160 · +23.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Hispanic / Latino 59% White 29% Two or more races 23% Black 7% Native American 4% Asian 2%
• Hispanic origin (detail): Mexican 49%
• Common ancestry: Italian 2% Slovak 1% Portuguese 1%
• Foreign-born: 18% · Canada, China
• Languages at home: 57% English-only · Spanish 39% Chinese 1%

Political lean MEDSL · Pima

• 2024 margin: D (+15.2) · D 57.0% · R 41.8% · Other 1.2%
• 2008→2024 swing: +9.1pp toward D · 2008: 6.1pp · 2024: 15.2pp
• All cycles: 2024: D+15.2 2020: D+18.7 2016: D+13.5 2012: D+5.8 2008: D+6.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -73.28%
• Current HPI: 304.0243
• Rent YoY: ▲ 1.52%
• Metro: Tucson, AZ
• State GDP YoY: ▲ 4.54%
• F500 in state: 20

Industry mix (Fortune 500 HQ in AZ)

Industry	F500 HQs	Revenue
▸Technology	2	$13B
▸Mining / Metals	1	$23B
▸Environmental Services	1	$16B
▸Metals / Steel	1	$14B
▸Technology Distribution	1	$9B
▸Homebuilding	1	$8B

Price history

+332.9% since first listed

52 events — show timeline

• 2026-04-27 Contingent — MLSSAZ
• 2026-04-14 Relisted — MLSSAZ
• 2026-03-26 Contingent — MLSSAZ
• 2026-03-03 Price Changed $395,000 MLSSAZ
• 2026-02-01 Price Changed $420,000 MLSSAZ
• 2026-01-18 Relisted — MLSSAZ
• 2026-01-10 Contingent — MLSSAZ
• 2026-01-04 Price Changed $445,000 MLSSAZ
• 2025-08-14 Relisted — MLSSAZ
• 2025-08-10 Listing Removed — MLSSAZ
• 2025-08-08 Listed $470,000 MLSSAZ
• 2021-09-03 Sold (MLS) $377,000 MLSSAZ
• 2021-06-18 Contingent — MLSSAZ
• 2021-06-14 Listed $362,280 MLSSAZ
• 2020-09-01 Listing Removed — MLSSAZ
• 2020-03-27 Relisted — MLSSAZ
• 2020-03-05 Pending — MLSSAZ
• 2019-10-16 Price Changed $329,000 MLSSAZ
• 2019-09-25 Listed $345,000 MLSSAZ
• 2019-09-09 Listing Removed — MLSSAZ
• 2019-07-16 Listed $345,000 MLSSAZ
• 2017-12-22 Sold (Public Records) $98,000 Public Records
• 2017-12-22 Sold (MLS) $98,000 MLSSAZ
• 2017-12-09 Pending — MLSSAZ
• 2017-11-14 Relisted — MLSSAZ
• 2017-10-17 Contingent — MLSSAZ
• 2017-08-23 Relisted — MLSSAZ
• 2017-08-17 Listing Removed — MLSSAZ
• 2017-06-15 Relisted — MLSSAZ
• 2017-05-13 Contingent — MLSSAZ
• 2017-05-02 Listed $117,000 MLSSAZ
• 2017-04-06 Listing Removed — MLSSAZ
• 2017-03-06 Price Changed $117,400 MLSSAZ
• 2017-02-05 Listed $119,900 MLSSAZ
• 2017-02-05 Listing Removed — MLSSAZ
• 2016-11-06 Listed $119,900 MLSSAZ
• 2016-10-04 Listing Removed — MLSSAZ
• 2016-10-04 Listing Removed — MLSSAZ
• 2016-08-09 Price Changed $109,900 MLSSAZ
• 2016-08-09 Price Changed $109,900 MLSSAZ
• 2016-04-02 Price Changed $120,000 MLSSAZ
• 2016-04-02 Price Changed $120,000 MLSSAZ
• 2016-04-01 Listed $115,000 MLSSAZ
• 2016-04-01 Listed $115,000 MLSSAZ
• 2016-03-14 Listing Removed — MLSSAZ
• 2016-01-05 Listed $140,000 MLSSAZ
• 2008-07-03 Sold (Public Records) $170,000 Public Records
• 2008-07-03 Sold (MLS) $170,000 MLSSAZ
• 2008-01-10 Listed $250,000 MLSSAZ
• 2006-05-31 Sold (Public Records) $140,000 Public Records
• 2005-11-07 Sold (Public Records) $36,700 Public Records
• 2005-11-07 Sold (Public Records) $91,246 Public Records

Property tax history

+3.1%/yr

Latest (2025): $2,148 · +5.4% YoY. Source: county tax records.