19802 N 32nd St N · Phoenix, AZ 85050

$123,900

3 bd · 2.0 ba · 3,720 sqft · Land public records · 111 Days on market

Built 1985 $33/sqft · 59% below area Est $125k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.9/15.0
• Schools +3.8/10.0
• Livability +3.8/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is the one you have been waiting for!! 3 Bed, 2 Bath, Large eat in Kitchen with counter space beyond your wildest dreams. Granite counter tops with wood flooring in the Kitchen. Den off the Kitchen that could be used as an office and or Family room. 2 decks and nice size backyard. It has been well maintained. 2 storage sheds in back. Nice community pool, hot tub and workout room. There is also a community center and a library/media room. This is a Gated 55 plus community. Location, Location, Location. Right off of Loop 101, SR51 and near I-17 Highway. Easy access to Mayo Hospital and Honor Health Hospitals. Desert Ridge Plaza Mall where there are restaurants, shopping and entertainment.

Key facts

• Wood flooring
• Eat in kitchen
• Nice size backyard

Tags

• EAT IN KITCHEN
• GRANITE COUNTER TOPS
• WOOD FLOORING
• DEN OFF KITCHEN
• 2 DECKS
• NICE SIZE BACKYARD

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $124k.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $124k).
• Recommended offer: $113k (9.0% below list) — sets the bar for market timing.
• Cap rate 26.7% vs local median 3.3% in Phoenix — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 75/100 on livability (#16 in AZ, #3,924 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: health & safety C-, crime F.
• Paradise Valley Unified District (4241) (urban): math 39% / reading 46% proficiency, ranked #56 of 249 in AZ (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.0%/yr); 218 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 36,011 units permitted in Maricopa County in 2024 (12,801 in 5+ unit buildings).
• This rent runs 32% of the median local income ($140k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $857 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Maricopa County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.0% rent growth), your $35k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 111 days — a 9% lower offer ($113k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 6→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $112,749 (9.0% below list)

Questions for the listing agent

1. It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 3.03% ✓
• Cap rate: 26.73%
• Cash-on-cash: 72.99%
• DSCR: 4.25
• GRM: 2.7

CMA / ARV

• ARV (median comp): $125,046
• List price: $123,900
• Delta: -0.92%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.98% rent growth · sell at horizon

5-year hold

• IRR: 71.6%
• Equity multiple: 4.19×
• Total profit: $110,566
• Equity at exit: $18,474

10-year hold

• IRR: 75.2%
• Equity multiple: 8.33×
• Total profit: $254,237
• Equity at exit: $10,713

Cash invested: $34,692 (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 85050

• Home prices YoY: -21.9%
• Rents YoY: 2.0%
• Active inventory: 218
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $3,755 medium
• Mortgage (P&I): −$650
• Tax est. 1.5%: −$155 /mo · $1,858/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$789
• Net cashflow: $2,110

Break-even live

Break-even rent $1,084

Max offer price $123,900

Occupancy floor 39%

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: $30,975
• Closing costs: $3,717
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3607 E Salter Dr Phoenix, AZ	4.0	2.5	3057	$4,750	$1.55	17d	1	1.31mi
3557 E Tina Dr Phoenix, AZ	4.0	3.5	2611	$4,000	$1.53	4d	1	1.35mi

Listing history 19 events

1. 2026-06-18
   days on market $123,900 Active 111 DOM
2. 2026-06-17
   days on market $123,900 Active 110 DOM
3. 2026-06-16
   days on market $123,900 Active 109 DOM
4. 2026-06-15
   days on market $123,900 Active 108 DOM
5. 2026-06-13
   days on market $123,900 Active 106 DOM
6. 2026-06-13
   days on market $123,900 Active 105 DOM
7. 2026-06-09
   days on market $123,900 Active 102 DOM
8. 2026-06-08
   days on market $123,900 Active 101 DOM
9. 2026-06-07
   days on market $123,900 Active 100 DOM
10. 2026-06-04
    days on market $123,900 Active 97 DOM
11. 2026-06-03
    days on market $123,900 Active 96 DOM
12. 2026-06-02
    days on market $123,900 Active 95 DOM
13. 2026-06-01
    days on market $123,900 Active 94 DOM
14. 2026-05-31
    days on market $123,900 Active 93 DOM
15. 2026-05-12
    price $123,900 700-char remark

    Show marketing remark (700 chars)

    This is the one you have been waiting for!! 3 Bed, 2 Bath, Large eat in Kitchen with counter space beyond your wildest dreams. Granite counter tops with wood flooring in the Kitchen. Den off the Kitchen that could be used as an office and or Family room. 2 decks and nice size backyard. It has been well maintained. 2 storage sheds in back. Nice community pool, hot tub and workout room. There is also a community center and a library/media room. This is a Gated 55 plus community. Location, Location, Location. Right off of Loop 101, SR51 and near I-17 Highway. Easy access to Mayo Hospital and Honor Health Hospitals. Desert Ridge Plaza Mall where there are restaurants, shopping and entertainment.

16. 2026-04-24
    price $129,900 700-char remark

    Show marketing remark (700 chars)

    This is the one you have been waiting for!! 3 Bed, 2 Bath, Large eat in Kitchen with counter space beyond your wildest dreams. Granite counter tops with wood flooring in the Kitchen. Den off the Kitchen that could be used as an office and or Family room. 2 decks and nice size backyard. It has been well maintained. 2 storage sheds in back. Nice community pool, hot tub and workout room. There is also a community center and a library/media room. This is a Gated 55 plus community. Location, Location, Location. Right off of Loop 101, SR51 and near I-17 Highway. Easy access to Mayo Hospital and Honor Health Hospitals. Desert Ridge Plaza Mall where there are restaurants, shopping and entertainment.

17. 2026-04-06
    price $133,900 700-char remark

    Show marketing remark (700 chars)

    This is the one you have been waiting for!! 3 Bed, 2 Bath, Large eat in Kitchen with counter space beyond your wildest dreams. Granite counter tops with wood flooring in the Kitchen. Den off the Kitchen that could be used as an office and or Family room. 2 decks and nice size backyard. It has been well maintained. 2 storage sheds in back. Nice community pool, hot tub and workout room. There is also a community center and a library/media room. This is a Gated 55 plus community. Location, Location, Location. Right off of Loop 101, SR51 and near I-17 Highway. Easy access to Mayo Hospital and Honor Health Hospitals. Desert Ridge Plaza Mall where there are restaurants, shopping and entertainment.

18. 2026-02-21
    listed $139,900 Active 700-char remark

    Show marketing remark (700 chars)

    This is the one you have been waiting for!! 3 Bed, 2 Bath, Large eat in Kitchen with counter space beyond your wildest dreams. Granite counter tops with wood flooring in the Kitchen. Den off the Kitchen that could be used as an office and or Family room. 2 decks and nice size backyard. It has been well maintained. 2 storage sheds in back. Nice community pool, hot tub and workout room. There is also a community center and a library/media room. This is a Gated 55 plus community. Location, Location, Location. Right off of Loop 101, SR51 and near I-17 Highway. Easy access to Mayo Hospital and Honor Health Hospitals. Desert Ridge Plaza Mall where there are restaurants, shopping and entertainment.

19. 1990-03-30
    soldstatus $7,420,000

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 6 d/yr ≥111°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $45,060
• − Mortgage interest: −$6,940
• − Property taxes: −$1,858
• − Insurance: −$620
• − Repairs & maintenance: −$3,605
• − Management: −$3,605
• − Depreciation: −$3,604
• Taxable income: $24,828
• Est. tax owed @ 24.0%: −$5,959
• After-tax cash flow: $19,364/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: Paradise Valley Unified District (4241)
• NCES district ID: 0405930
• Math proficiency: 39% ▼ -11.00%
• Reading proficiency: 46% ▼ -7.00%
• Median HH income: $64,106
• Composite: 37.89/100
• National rank: #4316
• State rank: #56 of 249 in AZ

Livability — Phoenix

• Score: 75/100
• State rank: #16
• US rank: #3924

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Phoenix, AZ
• County: Maricopa County · 4,537,380 people
• City population: 1,500,198
• Metro: Phoenix-Mesa-Chandler, AZ
• Population (ZIP): 33,118
• Household income: $139,836
• Rent vs Own: 20.9% rent · 79.1% own
• Severe rent burden: 432.0

Population outlook (Maricopa County) Hauer SSP2

• Today (2025): 4,979,203 people
• By 2030: 5,378,229 · +8.0%
• By 2040: 6,156,598 · +23.6%
• By 2050: 6,872,376 · +38.0%
• By 2075: 8,401,270 · +68.7%
• By 2100: 9,247,439 · +85.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 11% Two or more races 11% Asian 9% Black 2%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Romanian 5% Italian 4% Lithuanian 3%
• Foreign-born: 15% · Canada, China, Vietnam
• Languages at home: 82% English-only · Spanish 6% Other Indo-European 5% Other Asian/Pacific 2%

Political lean MEDSL · Maricopa

• 2024 margin: Toss-up / Even · D 47.7% · R 51.2% · Other 1.1%
• 2008→2024 swing: +7.1pp toward D · 2008: -10.6pp · 2024: -3.5pp
• All cycles: 2024: R+3.5 2020: D+2.2 2016: R+3.5 2012: R+12.0 2008: R+10.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -86.38%
• Current HPI: 308.7483
• Rent YoY: ▲ 1.98%
• Metro: Phoenix-Mesa-Chandler, 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

-98.3% since first listed

5 events — show timeline

• 2026-05-12 Price Changed $123,900 ARMLS
• 2026-04-24 Price Changed $129,900 ARMLS
• 2026-04-06 Price Changed $133,900 ARMLS
• 2026-02-21 Listed $139,900 ARMLS
• 1990-03-30 Sold (Public Records) $7,420,000 Public Records

Property tax history

-0.2%/yr

Latest (2025): $47,013 · +4.0% YoY. Source: county tax records.