2050 W Dunlap Ave Unit F294 · Phoenix, AZ 85021

$49,900

2 bd · 1.0 ba · 1,060 sqft · Manufactured · 372 Days on market

Built 1971 Est $58k · 14% under

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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
• ARV discount +14.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Rent growth +1.7/5.0
• Appreciation +0.0/10.0

Listing remarks

Seller will carry. Well kept, great bones Kitchen and Flooring nicely upgraded. Large Master Bedroom with walk-in closet, dual sinks and separate toilet/shower room. Indoor Laundry Room with extra cabinet. Extra Large Workshop/Storage Room with Barn Doors. Az Room off Front Door. Up 3 steps to the front door. Covered Parking, Tuff Shed and more, come by and take a look.

Key facts

• Parking
• Community pool
• Built 1971

Property features AI

Finance

• Other: Private spa; Lot size not available (source indicates SqFt not available)
• HOA & community: Land lease: $985 per month; Association fee includes: other (see remarks); Community pool and community spa; Pickleball courts; Transportation services; Near light rail stop and near bus stop; Gated community

Exterior

• Parking: Covered carport (1 space); Gated community parking in a community structure
• Security: Gated community
• Utilities: City water; Public sewer
• Home design: Manufactured/mobile housing; Leasehold ownership
• Construction: Aluminum siding; Steel frame construction; Other roof material
• Exterior features: Screened-in patio(s); On-site storage; Gravel/stone front and back

Interior

• Bedrooms: 2 possible bedrooms
• Flooring: Laminate flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Central air conditioning; Ceiling fans
• Interior features: Double vanity; 3/4 bath in master bedroom
• Laundry & utility: Laundry inside

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $50k.

Deal economics

• At list price, monthly cash flow is $747 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• Cap rate 24.3% 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.
• Glendale Union High School District (4285) (urban): math 23% / reading 31% proficiency, ranked #130 of 249 in AZ (top 52%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents falling (-3.1%/yr); 179 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 36,011 units permitted in Maricopa County in 2024 (12,801 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $1k 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 + 0.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 372 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 6→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $43,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 372 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 2.77% ✓
• Cap rate: 24.26%
• Cash-on-cash: 64.16%
• DSCR: 3.85
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $58,300
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2050 W Dunlap Ave Unit D54	0.21mi	2/2.0	1,104 (+4%)	23mo	$60,900	$55	60
2050 W Dunlap Ave Unit R252	0.21mi	2/2.0	1,152 (+9%)	18mo	$30,000	$26	56

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

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 59.8%
• Equity multiple: 3.54×
• Total profit: $35,461
• Equity at exit: $7,440

10-year hold

• IRR: 63.5%
• Equity multiple: 6.48×
• Total profit: $76,572
• Equity at exit: $4,314

Cash invested: $13,972 (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 85021

• Rents YoY: -3.1%
• Active inventory: 179
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,382 high
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $748/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$290
• Net cashflow: $747

Break-even live

Break-even rent $437

Max offer price $49,900

Occupancy floor 41%

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9202 N 19th Ave Phoenix, AZ	2.0	1.0–2.0	645	$1,550	$2.40	1d	8	0.18mi
2220 W Mission Ln Phoenix, AZ	1.0–3.0	1.0–2.0	944	$1,647	$1.74	1d	67	0.21mi
1814 W Vogel Ave Phoenix, AZ	1.0–2.0	1.0	737	$1,249	$1.69	1d	1	0.36mi
8902 N 19th Ave Phoenix, AZ	1.0–2.0	1.0–2.0	733	$1,265	$1.73	1d	12	0.36mi
1702 W Vogel Ave Unit C5 Phoenix, AZ	2.0	1.0	750	$845	$1.13	14d	1	0.45mi
9633 N 17th Ave Unit 23 Phoenix, AZ	2.0	1.0	735	$1,395	$1.90	13d	1	0.49mi
2323 W Dunlap Ave Phoenix, AZ	1.0–2.0	1.0–2.0	788	$1,370	$1.74	1d	9	0.53mi
10034 N 18th Ave Unit 1 Phoenix, AZ	2.0	2.0	945	$949	$1.00	1d	1	0.54mi
1753 W Brown St Phoenix, AZ	3.0	1.0	1100	$1,450	$1.32	1d	1	0.54mi
10044 N 18th Ave Unit 2 Phoenix, AZ	2.0	2.0	945	$899	$0.95	1d	1	0.56mi
1614 W Purdue Ave Unit 202 Phoenix, AZ	2.0	1.0	720	$895	$1.24	1d	1	0.56mi
1597 W Mountain View Rd Unit 7 Phoenix, AZ	2.0	1.0	856	$1,149	$1.34	18d	1	0.63mi
1597 W Mountain View Rd Unit 5 Phoenix, AZ	2.0	1.0	806	$1,155	$1.43	1d	1	0.63mi
2506 W Dunlap Ave Phoenix, AZ	2.0	1.0–2.0	719	$1,480	$2.06	1d	14	0.63mi
8530 N 22nd Ave Unit 2008 Phoenix, AZ	2.0	2.0	996	$1,499	$1.51	17d	1	0.66mi
8530 N 22nd Ave Phoenix, AZ	1.0–2.0	1.0–2.0	814	$1,499	$1.84	10d	55	0.67mi
8530 N 22nd Ave Unit 1028 Phoenix, AZ	2.0	2.0	902	$1,399	$1.55	17d	1	0.67mi
2122 W Butler Dr Phoenix, AZ	2.0	1.0–2.0	637	$1,550	$2.43	1d	12	0.69mi
8530 N 22nd Ave Unit 2057 Phoenix, AZ	1.0	1.0	707	$1,199	$1.70	1d	1	0.70mi
8530 N 22nd Ave Unit 2051 Phoenix, AZ	1.0	1.0	707	$1,199	$1.70	24d	1	0.71mi
8530 N 22nd Ave Unit 266 Phoenix, AZ	2.0	2.0	1000	$1,199	$1.20	1d	1	0.71mi
8530 N 22nd Ave Unit 2079 Phoenix, AZ	2.0	2.0	902	$1,399	$1.55	1d	1	0.72mi
8530 N 22nd Ave Unit 2114 Phoenix, AZ	2.0	2.0	996	$1,499	$1.51	1d	1	0.76mi
2262 W El Caro Dr Phoenix, AZ	2.0	2.5	1457	$1,775	$1.22	1d	1	0.78mi
2045 W Butler Dr Phoenix, AZ	1.0–3.0	1.0–2.0	738	$1,202	$1.63	1d	14	0.79mi
8330 N 19th Ave Phoenix, AZ	1.0–2.0	1.0–2.0	818	$1,440	$1.76	1d	24	0.82mi
2121 W Butler Dr Phoenix, AZ	1.0–3.0	1.0–2.5	1025	$2,095	$2.04	1d	33	0.84mi
10213 N 15th Ave Unit 1 Phoenix, AZ	2.0	1.0	850	$950	$1.12	1d	1	0.89mi
10213 N 15th Ave Unit 1 Phoenix, AZ	2.0	1.0	850	$1,025	$1.21	10d	1	0.89mi
1212 W Mountain View Rd Unit 7 Phoenix, AZ	2.0	1.0	700	$1,150	$1.64	1d	1	0.89mi
2244 W Laurie Ln Phoenix, AZ	2.0	2.5	1414	$1,750	$1.24	1d	1	0.91mi
2280 W Laurie Ln Phoenix, AZ	3.0	2.5	1497	$1,945	$1.30	1d	1	0.92mi
10231 N 15th Ave Phoenix, AZ	3.0	1.0	900	$1,350	$1.50	1d	1	0.92mi
8326 N 22nd Ln Phoenix, AZ	2.0	2.5	1450	$2,750	$1.90	3d	1	0.92mi
8222 N 19th Ave Phoenix, AZ	2.0	1.0–2.0	667	$1,410	$2.11	1d	33	0.93mi
1124 W Cinnabar Ave Phoenix, AZ	3.0	2.0	1012	$1,691	$1.67	1d	1	0.96mi
9275 N 29th Ave Phoenix, AZ	1.0–2.0	1.0–2.0	844	$1,994	$2.36	1d	45	0.97mi
1022 W Mission Ln Phoenix, AZ	3.0	2.0	1322	$2,350	$1.78	1d	1	0.98mi
1022 W Mission Ln Unit 1022 Phoenix, AZ	3.0	2.0	1322	$2,350	$1.78	19d	1	0.98mi
9837 N 11th Ave Apt 3 Phoenix, AZ	2.0	1.0	700	$1,275	$1.82	1d	1	1.01mi

Listing history 14 events

1. 2026-06-18
   days on market $49,900 Active 372 DOM
2. 2026-06-17
   days on market $49,900 Active 371 DOM
3. 2026-06-16
   days on market $49,900 Active 370 DOM
4. 2026-06-15
   days on market $49,900 Active 369 DOM
5. 2026-06-13
   days on market $49,900 Active 367 DOM
6. 2026-06-09
   days on market $49,900 Active 363 DOM
7. 2026-06-08
   days on market $49,900 Active 362 DOM
8. 2026-06-07
   days on market $49,900 Active 361 DOM
9. 2026-06-04
   days on market $49,900 Active 358 DOM
10. 2026-06-03
    days on market $49,900 Active 357 DOM
11. 2026-06-02
    days on market $49,900 Active 356 DOM
12. 2026-06-01
    days on market $49,900 Active 355 DOM
13. 2026-05-31
    days on market $49,900 Active 354 DOM
14. 2025-06-11
    listed $49,900 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 3/10 Moderate FEMA zone X (shaded) · 13% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 8/10 Severe 6 d/yr ≥112°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,585
• − Mortgage interest: −$2,795
• − Property taxes: −$748
• − Insurance: −$250
• − Repairs & maintenance: −$1,327
• − Management: −$1,327
• − Depreciation: −$1,452
• Taxable income: $8,686
• Est. tax owed @ 24.0%: −$2,085
• After-tax cash flow: $6,879/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: Glendale Union High School District (4285)
• NCES district ID: 0403450
• Math proficiency: 23% ▼ -38.00%
• Reading proficiency: 31% ▼ -19.00%
• Median HH income: $40,846
• Composite: 22.81/100
• National rank: #8020
• State rank: #130 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): 39,828
• Household income: $59,768
• Rent vs Own: 60.6% rent · 39.4% own
• Severe rent burden: 2553.0

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 0.68)
• Race & ethnicity: White 44% Hispanic / Latino 34% Two or more races 21% Black 12% Native American 4% Asian 2%
• Hispanic origin (detail): Mexican 27% Cuban 2%
• Common ancestry: Italian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 16% · Canada
• Languages at home: 73% English-only · Spanish 22% French/Haitian/Cajun 1% Other Asian/Pacific 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: ▼ -450.91%
• Current HPI: 328.1754
• Rent YoY: ▼ -3.08%
• 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

1 event — show timeline

• 2025-06-11 Listed $49,900 ARMLS