18362 W Papago St

Goodyear, AZ 85338

$654,999F

4 bd · 3.5 ba · 2,686 sqft · Built 2026 · Land · Pending · 89 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,531/mo
• Mortgage (P&I): −$3,435
• Tax + insurance: −$1,092
• HOA: −$155
• Vac / Maint / Mgmt: −$532
• Net cashflow: $-2,682/mo
• Annual: $-32,181/yr
• Cap rate: 1.38%
• Cash-on-cash: -17.55%
• DSCR: 0.22
• 1% rule: 0.39%
• Cash to close: $183,400

Investor read

• This is a 4-bed/3.5-bath land listed at $655k.
• At list price, monthly cash flow is $-3k ($-32k/yr) — negative.
• To cash-flow at today's rent, offer at most $267k (59.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $253k (61.4% below list).
• It's been on market 89 days — a 6% lower offer ($616k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $253k (61.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#15 in AZ, #3,737 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B+; Watch: health & safety D+, cost of living D, amenities F.
• Liberty Elementary District (4266) (rural): math 26% / reading 33% proficiency, ranked #100 of 249 in AZ (top 40%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents soft (-0.7%/yr); 1102 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 36,011 units permitted in Maricopa County in 2024 (12,801 in 5+ unit buildings).
• Maricopa County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 1.4% vs local median 3.0% in Goodyear — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 89 days. Have you received any prior offers? Is the seller open to a 61% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.