2050 W Dunlap Ave Unit B149 · Phoenix, AZ 85021

$7,500

2 bd · 2.0 ba · 740 sqft · Manufactured · 57 Days on market

Built 1968 ↓ 40% since listing

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

MOTIVATER SELLER. .. WILLING TO DO A SELLER CARRY!!! Tucked away on a quiet cul-de-sac in an active and welcoming 55+ community, this move-in-ready 2-bedroom, 1.5-bath home offers comfortable living with added versatility. A recently added bonus room provides the perfect space for a hobby room, office, or additional living area. Enjoy access to a beautifully remodeled recreation center featuring a swimming pool, relaxing spa, pickleball courts, and a variety of social amenities designed for an active lifestyle. Conveniently located near shopping, dining, and public transportation, this home offers the ideal blend of tranquility and convenience. Don't miss the opportunity to enjoy easy livin

Key facts

• 2 parking spots
• Community pool
• Built 1968

Property features AI

Finance

• HOA & community: Land lease: $1,010 monthly; No association fees; Community pool; Community spa (heated); Pickleball courts; Tennis courts; Community laundry; Near light rail stop; Near bus stop

Exterior

• Parking: 2 covered parking spaces; 2 carport spaces
• Security: Gated community
• Utilities: City water; Public sewer
• Home design: Manufactured/Mobile home; Leasehold ownership
• Construction: Steel frame and wood frame construction; Painted exterior
• Exterior features: Gravel/stone front; Gravel/stone back; No fencing; Metal roof

Interior

• Kitchen: Refrigerator; Dishwasher; Disposal
• Bedrooms: 2 possible bedrooms
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Central air conditioning; Ceiling fans
• Interior features: High speed internet available; No interior steps; Master bedroom with 3/4 bath

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $8k.

Deal economics

• At list price, monthly cash flow is $936 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $8k).
• Recommended offer: $7k (3.0% below list) — sets the bar for market timing.
• Cap rate 156.0% 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 1d 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 $52 of loan paydown is wiped out by about $225 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 $2k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($7k) 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 $7,275 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 16.67% ✓
• Cap rate: 155.99%
• Cash-on-cash: 534.63%
• DSCR: 24.79
• GRM: 0.5

CMA / ARV

• ARV (on-the-fly): $41,440
• 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 C103	0.19mi	2/2.0	720 (-3%)	12mo	$15,000	$21	76
2050 W Dunlap Ave Unit E221	0.19mi	2/1.0	720 (-3%)	15mo	$40,000	$56	70

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: —
• Equity multiple: 27.06×
• Total profit: $54,729
• Equity at exit: $1,118

10-year hold

• IRR: —
• Equity multiple: 53.53×
• Total profit: $110,308
• Equity at exit: $648

Cash invested: $2,100 (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: 0.5×

Monthly cashflow live

• Estimated rent: $1,250 high
• Mortgage (P&I): −$39
• Tax est. 1.5%: −$9 /mo · $112/yr
• Insurance: −$3
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $936

Break-even live

Break-even rent $66

Max offer price $7,500

Occupancy floor 20%

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: $1,875
• Closing costs: $225
• 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
1703 W Mountain View Rd Phoenix, AZ	1.0	1.0	625	$795	$1.27	1d	1	0.49mi
9633 N 17th Ave Unit 16 Phoenix, AZ	1.0	1.0	650	$1,095	$1.68	1d	1	0.49mi
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
1614 W Purdue Ave Unit 202 Phoenix, AZ	2.0	1.0	720	$895	$1.24	1d	1	0.56mi
8603 N 22nd Ave Phoenix, AZ	1.0	1.0	400	$1,214	$3.04	1d	6	0.60mi
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 1016 Phoenix, AZ	1.0	1.0	632	$1,099	$1.74	24d	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 2041 Phoenix, AZ	1.0	1.0	632	$1,099	$1.74	1d	1	0.68mi
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
1340 W Hatcher Rd Unit A2 Phoenix, AZ	1.0	1.0	400	$815	$2.04	1d	1	0.72mi
1340 W Hatcher Rd Phoenix, AZ	1.0	1.0	400	$815	$2.04	16d	1	0.72mi
8530 N 22nd Ave Unit 2119 Phoenix, AZ	1.0	1.0	632	$1,099	$1.74	17d	1	0.73mi
1321 W Vogel Ave Unit 5 Phoenix, AZ	2.0	1.0	621	$1,050	$1.69	1d	1	0.77mi
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
8445 N 23rd Ave Unit 244 Phoenix, AZ	1.0	1.0	606	$1,040	$1.72	17d	1	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
8445 N 23rd Ave Phoenix, AZ	1.0	1.0	616	$1,045	$1.70	1d	3	0.84mi
1212 W Mountain View Rd Unit 1 Phoenix, AZ	1.0	1.0	580	$999	$1.72	1d	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
10231 N 15th Ave Phoenix, AZ	2.0	1.0	625	$1,250	$2.00	13d	1	0.92mi
8222 N 19th Ave Phoenix, AZ	2.0	1.0–2.0	667	$1,410	$2.11	1d	33	0.93mi
10305 N 15th Ave Unit 03 Phoenix, AZ	1.0	1.0	375	$770	$2.05	1d	1	0.97mi
9275 N 29th Ave Phoenix, AZ	1.0–2.0	1.0–2.0	844	$1,994	$2.36	1d	45	0.97mi
9837 N 11th Ave Apt 3 Phoenix, AZ	2.0	1.0	700	$1,275	$1.82	1d	1	1.01mi
1905 W Las Palmaritas Dr Phoenix, AZ	2.0	1.0	535	$1,317	$2.46	1d	23	1.01mi
9647 N 10th Ave Unit 102 Phoenix, AZ	1.0	1.0	350	$700	$2.00	1d	1	1.04mi
10219 N 12th Ave Unit 03 Phoenix, AZ	2.0	1.0	750	$1,250	$1.67	1d	1	1.05mi
726 W Hatcher Rd Unit B-110 Phoenix, AZ	1.0	1.0	640	$1,066	$1.67	1d	1	1.10mi
1408 W Becker Ln Unit 1 Phoenix, AZ	2.0	1.0	700	$1,150	$1.64	11d	1	1.11mi
1627 W Desert Cove Ave Unit 1625 T1 Phoenix, AZ	2.0	1.0	706	$1,295	$1.83	16d	1	1.11mi

Listing history 17 events

1. 2026-06-18
   days on market $7,500 Active 57 DOM
2. 2026-06-17
   days on market $7,500 Active 56 DOM
3. 2026-06-16
   pricedays on market $7,500 Active 55 DOM
4. 2026-06-15
   days on market $10,000 Active 54 DOM
5. 2026-06-13
   days on market $10,000 Active 52 DOM
6. 2026-06-09
   remarks 699-char remark
7. 2026-06-09
   pricedays on market $10,000 Active 48 DOM
8. 2026-06-08
   days on market $10,900 Active 47 DOM
9. 2026-06-07
   days on market $10,900 Active 46 DOM
10. 2026-06-04
    days on market $10,900 Active 43 DOM
11. 2026-06-03
    days on market $10,900 Active 42 DOM
12. 2026-06-02
    days on market $10,900 Active 41 DOM
13. 2026-06-01
    days on market $10,900 Active 40 DOM
14. 2026-05-31
    days on market $10,900 Active 39 DOM
15. 2026-05-12
    price $15,000
16. 2026-05-01
    price $19,990
17. 2026-04-22
    listed $25,000 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 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: $14,999
• − Mortgage interest: −$420
• − Property taxes: −$112
• − Insurance: −$38
• − Repairs & maintenance: −$1,200
• − Management: −$1,200
• − Depreciation: −$218
• Taxable income: $11,811
• Est. tax owed @ 24.0%: −$2,835
• After-tax cash flow: $8,393/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

-40.0% since first listed

3 events — show timeline

• 2026-05-12 Price Changed $15,000 ARMLS
• 2026-05-01 Price Changed $19,990 ARMLS
• 2026-04-22 Listed $25,000 ARMLS