11596 W Sierra Dawn Blvd #382 · Surprise, AZ 85378

$145,000

2 bd · 2.0 ba · 1,708 sqft · Manufactured · 80 Days on market

Built 2006 Good condition 1,708 sqft lot $85/sqft · 34% above area Est $108k · 35% over ↓ 28% since listing

---

Why this score? — see what drove the C+ 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 +27.3/30.0
• DSCR +9.5/10.0
• 1% rule +7.4/10.0
• Appreciation +5.1/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Schools +3.3/10.0
• Rent growth +1.1/5.0
• ARV discount +0.0/15.0

Listing remarks MLS

Welcome to your charming new home in the highly sought after Rose Gardens Resort. An Active senior living community with a vibrant array of indoor and outdoor activities. This inviting 2 bedroom 2 bathroom home also features a cozy den, a formal dining room and an eat-in kitchen. Ideal for all your entertaining needs. Enjoy Arizona's beautiful weather from your screened in Arizona room, and take advantage of the convenient separate workshop. South facing for maximum sunlight. This home boasts bamboo flooring through out the main living area. Exceptionally well maintained with its outdoor irrigating system to maintain your beautiful landscaping. This friendly, no-rentals allowed community awaits its newest neighbor. Don't miss the chance to make this your home.

Key facts

• Cozy den
• Formal dining room
• Eat-in kitchen

Tags

• COZY DEN
• FORMAL DINING ROOM
• EAT-IN KITCHEN
• SCREENED IN ARIZONA ROOM
• SEPARATE WORKSHOP
• BAMBOO FLOORING

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $145k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $418 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $136k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 3.3% in Surprise — 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 74/100 on livability (#19 in AZ, #4,616 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A-; Watch: health & safety D+, amenities D-, commute F.
• Dysart Unified District (4243) (suburban): math 34% / reading 40% proficiency, ranked #73 of 249 in AZ (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents falling (-5.5%/yr); 76 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 36,011 units permitted in Maricopa County in 2024 (12,801 in 5+ unit buildings).
• This rent runs 38% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $1k of equity ($1k loan paydown + $257 appreciation (0.2% local appreciation)).
• Maricopa County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (0.2% appreciation + 0.0% rent growth), your $41k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $30k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $136,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% 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. 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.
5. 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.
6. 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: 1.24% ✓
• Cap rate: 9.75%
• Cash-on-cash: 12.35%
• DSCR: 1.55
• GRM: 6.7

CMA / ARV

• ARV (median comp): $107,805
• List price: $145,000
• Delta: 34.50%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11596 W Sierra Dawn Blvd #131	0.00mi	2/2.0	1,680 (-2%)	5mo	$122,000	$73	93
11596 W Sierra Dawn Blvd #80	0.00mi	2/2.0	1,536 (-10%)	1mo	$120,000	$78	82
11596 W Sierra Dawn Blvd #20	0.19mi	3/2.0 (+1)	1,716 (+0%)	6mo	$50,000	$29	80
11596 W Sierra Dawn Blvd #261	0.00mi	3/2.0 (+1)	1,624 (-5%)	12mo	$149,900	$92	77
11596 W Sierra Dawn Blvd #28	0.00mi	2/2.0	1,568 (-8%)	12mo	$34,000	$22	77
11596 W Sierra Dawn Blvd #372	0.00mi	3/2.0 (+1)	1,560 (-9%)	11mo	$93,000	$60	72
11596 W Sierra Dawn Blvd #29	0.19mi	2/2.0	1,534 (-10%)	5mo	$73,500	$48	70
11596 W Sierra Dawn Blvd #182	0.00mi	2/2.0	1,456 (-15%)	9mo	$70,000	$48	68
11596 W Sierra Dawn Blvd #188	0.19mi	2/2.0	1,456 (-15%)	2mo	$80,000	$55	65
11596 W Sierra Dawn Blvd #36	0.47mi	3/2.0 (+1)	1,708 (0%)	12mo	$135,000	$79	63
11596 W Sierra Dawn Blvd #271	0.32mi	3/2.0 (+1)	1,456 (-15%)	8mo	$74,000	$51	49
16101 N El Mirage Rd #361	0.74mi	3/2.0 (+1)	1,792 (+5%)	12mo	$164,000	$92	42

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.18% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 9.6%
• Equity multiple: 1.45×
• Total profit: $18,348
• Equity at exit: $43,391

10-year hold

• IRR: 12.2%
• Equity multiple: 2.24×
• Total profit: $50,408
• Equity at exit: $53,196

Cash invested: $40,600 (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 85378

• Home prices YoY: 0.1%
• Rents YoY: -5.5%
• Active inventory: 76
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,798 high
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,175/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$377
• Net cashflow: $418

Break-even live

Break-even rent $1,268

Max offer price $145,000

Occupancy floor 72%

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11345 W Loma Blanca Dr Surprise, AZ	3.0	2.0	1368	$1,930	$1.41	43d	1	0.29mi
11417 W Amber Trl Surprise, AZ	3.0	2.0	1130	$1,750	$1.55	5d	1	0.30mi
11554 W Mule Deer Ct Surprise, AZ	3.0	2.0	1963	$1,816	$0.93	43d	1	0.62mi
17447 Avenue of the Arts Unit 2 Surprise, AZ	2.0	2.0	1078	$1,732	$1.61	24d	1	0.69mi
17447 Avenue of the Arts Unit 3 Surprise, AZ	3.0	2.0	1183	$1,822	$1.54	24d	1	0.69mi
17447 N Avenue of the Arts Surprise, AZ	3.0	2.0	1183	$1,981	$1.67	1d	1	0.76mi
17447 N Avenue of the Arts Surprise, AZ	2.0	2.0	1078	$1,813	$1.68	12d	1	0.76mi
17590 N 114th Ln Surprise, AZ	3.0	2.5	1737	$1,695	$0.98	24d	1	0.80mi
17590 N 114th Ln Surprise, AZ	3.0	3.0	1737	$1,695	$0.98	5d	1	0.80mi
12121 W Ironwood St El Mirage, AZ	3.0	2.0	1680	$1,999	$1.19	24d	1	0.82mi
12134 W Ironwood St El Mirage, AZ	3.0	2.0	1680	$1,950	$1.16	24d	1	0.83mi
15620 N El Mirage Rd Surprise, AZ	3.0	2.5	1310	$1,599	$1.22	24d	2	1.05mi
16629 N Greasewood St Surprise, AZ	2.0	1.5	1052	$1,462	$1.39	1d	3	1.13mi
16520 N Greasewood St Surprise, AZ	2.0–3.0	2.5	1267	$1,695	$1.34	1d	17	1.22mi
11476 W Madisen Ellise Dr Surprise, AZ	3.0	2.0	1301	$2,070	$1.59	43d	1	1.22mi
11755 W Thompson Ranch Rd El Mirage, AZ	1.0–3.0	1.0–2.0	936	$2,017	$2.15	1d	1	1.35mi
12437 W Via Camille El Mirage, AZ	3.0	2.0	1534	$1,875	$1.22	16d	1	1.49mi
12438 W Hearn Rd El Mirage, AZ	3.0	2.0	1308	$1,595	$1.22	23d	1	1.49mi

Listing history 19 events

1. 2026-06-18
   days on market $145,000 Active 80 DOM
2. 2026-06-17
   days on market $145,000 Active 79 DOM
3. 2026-06-16
   days on market $145,000 Active 78 DOM
4. 2026-06-15
   days on market $145,000 Active 77 DOM
5. 2026-06-13
   days on market $145,000 Active 75 DOM
6. 2026-06-09
   days on market $145,000 Active 71 DOM
7. 2026-06-08
   days on market $145,000 Active 70 DOM
8. 2026-06-07
   days on market $145,000 Active 69 DOM
9. 2026-06-04
   days on market $145,000 Active 66 DOM
10. 2026-06-03
    days on market $145,000 Active 65 DOM
11. 2026-06-02
    days on market $145,000 Active 64 DOM
12. 2026-06-01
    days on market $145,000 Active 63 DOM
13. 2026-05-31
    days on market $145,000 Active 62 DOM
14. 2026-04-13
    price $145,000 770-char remark

    Show marketing remark (770 chars)

    Welcome to your charming new home in the highly sought after Rose Gardens Resort. An Active senior living community with a vibrant array of indoor and outdoor activities. This inviting 2 bedroom 2 bathroom home also features a cozy den, a formal dining room and an eat-in kitchen. Ideal for all your entertaining needs. Enjoy Arizona's beautiful weather from your screened in Arizona room, and take advantage of the convenient separate workshop. South facing for maximum sunlight. This home boasts bamboo flooring through out the main living area. Exceptionally well maintained with its outdoor irrigating system to maintain your beautiful landscaping. This friendly, no-rentals allowed community awaits its newest neighbor. Don't miss the chance to make this your home.

15. 2026-03-30
    listed $175,000 Active 770-char remark

    Show marketing remark (770 chars)

    Welcome to your charming new home in the highly sought after Rose Gardens Resort. An Active senior living community with a vibrant array of indoor and outdoor activities. This inviting 2 bedroom 2 bathroom home also features a cozy den, a formal dining room and an eat-in kitchen. Ideal for all your entertaining needs. Enjoy Arizona's beautiful weather from your screened in Arizona room, and take advantage of the convenient separate workshop. South facing for maximum sunlight. This home boasts bamboo flooring through out the main living area. Exceptionally well maintained with its outdoor irrigating system to maintain your beautiful landscaping. This friendly, no-rentals allowed community awaits its newest neighbor. Don't miss the chance to make this your home.

16. 2025-02-28
    historical
17. 2025-01-22
    price $189,000
18. 2024-12-15
    price $199,999
19. 2024-11-07
    listed $200,000 Active

ⓘ 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 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥114°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,570
• − Mortgage interest: −$8,122
• − Property taxes: −$2,175
• − Insurance: −$725
• − Repairs & maintenance: −$1,726
• − Management: −$1,726
• − Depreciation: −$4,218
• Taxable income: $2,878
• Est. tax owed @ 24.0%: −$691
• After-tax cash flow: $4,325/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This well-maintained manufactured home in a desirable community offers a good investment opportunity with minimal repairs and updates needed.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics
• Both Landscaping improvements — Enhances curb appeal and adds value
• Both New flooring in bathrooms — Improves aesthetics and functionality
• Both New kitchen appliances — Modernizes the kitchen and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both New flooring in bathrooms — Improves aesthetics and functionality ↑
• Both New kitchen appliances — Modernizes the kitchen and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Dysart Unified District (4243)
• NCES district ID: 0402690
• Math proficiency: 34% ▼ -10.00%
• Reading proficiency: 40% ▼ -5.00%
• Median HH income: $58,033
• Composite: 32.76/100
• National rank: #5634
• State rank: #73 of 249 in AZ

Livability — Surprise

• Score: 74/100
• State rank: #19
• US rank: #4616

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Surprise, AZ
• County: Maricopa County · 4,537,380 people
• City population: 160,031
• Metro: Phoenix-Mesa-Chandler, AZ
• Population (ZIP): 9,765
• Household income: $56,444
• Rent vs Own: 38.0% rent · 62.0% own
• Severe rent burden: 510.0

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 54% Hispanic / Latino 38% Two or more races 17% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 31% Cuban 3%
• Common ancestry: Romanian 2% Portuguese 2% Lithuanian 1%
• Foreign-born: 9% · Canada, Guatemala
• Languages at home: 73% English-only · Spanish 22% Arabic 2% Russian/Polish/Slavic 1%

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: ▲ 0.18%
• Current HPI: 287.1228
• Rent YoY: ▼ -5.53%
• 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

-27.5% since first listed

6 events — show timeline

• 2026-04-13 Price Changed $145,000 ARMLS
• 2026-03-30 Listed $175,000 ARMLS
• 2025-02-28 Listing Removed — ARMLS
• 2025-01-22 Price Changed $189,000 ARMLS
• 2024-12-15 Price Changed $199,999 ARMLS
• 2024-11-07 Listed $200,000 ARMLS