3602 N Montana Ave · Florence, AZ 85132

$149,900

2 bd · 1.0 ba · 910 sqft · Manufactured public records · 20 Days on market

Built 1971 5,278 sqft lot Est $165k · 9% under $50/mo HOA · 3% of rent

---

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 +16.2/30.0
• ARV discount +11.5/15.0
• DSCR +5.0/10.0
• 1% rule +4.8/10.0
• Livability +3.0/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Schools +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Price Reduced! This updated 1971 2BR/1BA single-wide manuf home is one to see! Located in Florence Gardens, an active 55+ community where you own the lot! This furnished home, right down to the dishes, has all the right updates and space, including new flooring throughout, newer roof, newer furnace/AC units, and new water softener. Custom paint inside, large rooms and an open living area. Full size washer & dryer located in the carport shed, the washer even has hot water to it. Large closets in both rooms, tons of storage. Workshop is large and can be cooled with a window unit. Easy care landscaping, 2 fruit trees (orange & grapefruit), and lots of carport space. South patio has sunscreens, there's even a sun area to enjoy the great weather. This is a must see!

Key facts

• Manufactured home
• Large living room
• Florence gardens

Tags

• MANUFACTURED HOME
• FLORENCE GARDENS
• LARGE LIVING ROOM
• UPDATED KITCHEN
• WELL STOCKED WORKSHOP
• STORAGE SHEDS

Property features AI

Finance

• Other: City-maintained road
• HOA & community: Annual association fee of $605 covering grounds maintenance and street maintenance; Association rules: no visible truck, trailer, RV, or boat; Community amenities include pool, community spa (heated), pickleball courts, tennis courts, fitness center, community media room, community laundry, and biking/walking paths

Exterior

• Parking: 1 open parking space; 2 covered spaces; 2 carport spaces; Separate storage area
• Utilities: City water; Public sewer (sewer connected)
• Home design: Manufactured/Mobile home; Fee simple ownership; Asphalt road access; East/West exposure; Sprinklers in front; Desert landscape front and back; Gravel/stone front and back; Front automatic timer irrigation
• Construction: Vinyl siding and wood frame construction; Painted exterior; Metal roof
• Exterior features: Screened-in patio(s); Exterior storage; Shed(s); No fencing

Interior

• Kitchen: Built-in microwave; Non-laminate counters; Refrigerator; Dishwasher; Garbage disposal
• Bedrooms: Possible 2 bedrooms
• Flooring: Laminate; Vinyl; Tile
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Central air; Ceiling fans
• Interior features: High-speed internet; Eat-in kitchen; Furnished (see remarks); Pantry; Free-standing fireplace (other style); Bath with raised toilet and grab bars; Laundry features: see remarks
• Laundry & utility: Laundry details referenced in remarks

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $79 ($953/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $148k (1.6% below list).
• Recommended offer: $148k (1.6% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 4.1% in Florence — 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 60/100 on livability (#187 in AZ) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Florence Unified School District (4437) (rural): math 16% / reading 24% proficiency, ranked #178 of 249 in AZ (top 72%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Florence K-8 (math 17% / reading 23%, grade F, #742 of 1,109 statewide, top 67%, 771 students, 56% FRL); Florence High School (math 8% / reading 12%, grade F, #343 of 381 statewide, top 93%, 796 students, 44% FRL).
• Market conditions: Rents rising (+1.3%/yr); 737 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 9,504 units permitted in Pinal County in 2024 (776 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 17y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 5→12/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $147,509 (1.6% below list)

Questions for the listing agent

1. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.98% ✗
• Cap rate: 6.93%
• Cash-on-cash: 2.27%
• DSCR: 1.10
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $164,710
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
307 E Cholla Ln	0.14mi	2/2.0	955 (+5%)	2mo	$155,000	$162	80
3701 N Ohio Ave	0.18mi	2/1.5	855 (-6%)	3mo	$155,000	$181	77
3601 N Wisconsin Ave	0.20mi	2/1.0	897 (-1%)	14mo	$90,000	$100	77
3717 N Illinois Ave	0.32mi	2/2.0	925 (+2%)	3mo	$119,900	$130	76
3614 N Ohio Ave	0.14mi	3/2.0 (+1)	961 (+6%)	2mo	$165,000	$172	73
704 E Yavapai Ct	0.44mi	2/2.0	897 (-1%)	18mo	$93,625	$104	58
412 E Fiesta Del Sol --	0.14mi	1/1.0 (-1)	836 (-8%)	22mo	$152,500	$182	56
810 E Mississippi St	0.39mi	3/2.0 (+1)	985 (+8%)	4mo	$199,000	$202	55
3806 N Iowa Ave	0.37mi	2/2.0	1,040 (+14%)	6mo	$184,500	$177	50
3811 N South Dakota Ave	0.38mi	2/2.0	981 (+8%)	19mo	$185,000	$189	49
3814 N Iowa Ave	0.42mi	2/2.5	1,024 (+12%)	14mo	$240,000	$234	42
3710 N Wisconsin Ave	0.24mi	3/2.0 (+1)	785 (-14%)	19mo	$178,000	$227	41

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 · 1.27% rent growth · sell at horizon

5-year hold

• IRR: -14.7%
• Equity multiple: 0.48×
• Total profit: $-21,705
• Equity at exit: $22,351

10-year hold

• IRR: -9.3%
• Equity multiple: 0.47×
• Total profit: $-22,178
• Equity at exit: $12,961

Cash invested: $41,972 (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 85132

• Home prices YoY: -5.2%
• Rents YoY: 1.3%
• Active inventory: 737
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,475 medium
• Mortgage (P&I): −$786
• Tax est. 1.5%: −$187 /mo · $2,248/yr
• Insurance: −$62
• HOA: −$50
• Vacancy / Maint / Mgmt: −$310
• Net cashflow: $79

Break-even live

Break-even rent $1,375

Max offer price $149,900

Occupancy floor 90%

Sensitivity live

Price	-10% $183	-5% $131	+0% $79	+5% $28	+10% $-24
Rent	-10% $-37	-5% $21	+0% $79	+5% $138	+10% $196
Rate	-1.0pp $155	-0.5pp $118	base $79	+0.5pp $41	+1.0pp $1

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3722 N South Dakota Ave Florence, AZ	1.0	1.0	721	$1,100	$1.53	45d	1	0.22mi
308 Lancaster Ct Unit 1 Florence, AZ	2.0	1.0	841	$1,295	$1.54	45d	1	0.61mi

HOA detail

• Monthly dues: $50 · $600/yr
• Likely covers: waterlandscaping

Listing history 14 events

1. 2026-06-21
   days on market $149,900 Active 20 DOM
2. 2026-06-18
   days on market $149,900 Active 17 DOM
3. 2026-06-17
   days on market $149,900 Active 16 DOM
4. 2026-06-16
   days on market $149,900 Active 15 DOM
5. 2026-06-15
   days on market $149,900 Active 14 DOM
6. 2026-06-13
   days on market $149,900 Active 12 DOM
7. 2026-06-13
   days on market $149,900 Active 11 DOM
8. 2026-06-09
   days on market $149,900 Active 8 DOM
9. 2026-06-08
   days on market $149,900 Active 7 DOM
10. 2026-06-07
    days on market $149,900 Active 6 DOM
11. 2026-06-04
    days on market $149,900 Active 3 DOM
12. 2026-06-03
    days on market $149,900 Active 2 DOM
13. 2026-06-02
    remarks 695-char remark
14. 2026-06-02
    listed $149,900 Active 1 DOM

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 8/10 Severe 5 d/yr ≥112°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,701
• − Mortgage interest: −$8,397
• − Property taxes: −$2,248
• − Insurance: −$750
• − Repairs & maintenance: −$1,416
• − Management: −$1,416
• − HOA: −$600
• − Depreciation: −$4,361
• Taxable loss: −$1,487
• Est. tax savings @ 24.0%: +$357
• After-tax cash flow: $1,310/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: Florence Unified School District (4437)
• NCES district ID: 0402920
• Math proficiency: 16% ▼ -11.00%
• Reading proficiency: 24% ▼ -7.00%
• Median HH income: $54,426
• Composite: 18.31/100
• National rank: #8950
• State rank: #178 of 249 in AZ

Livability — Florence

• Score: 60/100
• State rank: #187
• US rank: #19483

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Florence, AZ
• County: Pinal County · 399,947 people
• City population: 38,671
• Metro: Phoenix-Mesa-Chandler, AZ
• Population (ZIP): 38,671
• Household income: $79,000
• Rent vs Own: 13.6% rent · 86.4% own
• Severe rent burden: 102.0

Population outlook (Pinal County) Hauer SSP2

• Today (2025): 437,574 people
• By 2030: 446,903 · +2.1%
• By 2040: 452,589 · +3.4%
• By 2050: 444,126 · +1.5%
• By 2075: 430,300 · -1.7%
• By 2100: 393,536 · -10.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 59% Hispanic / Latino 28% Two or more races 9% Black 7% Native American 3%
• Hispanic origin (detail): Mexican 23%
• Common ancestry: Italian 5% Portuguese 2% Romanian 2%
• Foreign-born: 9% · Canada
• Languages at home: 79% English-only · Spanish 17% German/W. Germanic 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Pinal

• 2024 margin: Strong R (+22.1) · D 38.5% · R 60.6%
• 2008→2024 swing: -7.6pp toward R · 2008: -14.5pp · 2024: -22.1pp
• All cycles: 2024: R+22.1 2020: R+17.3 2016: R+19.3 2012: R+17.1 2008: R+14.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -12.75%
• Current HPI: 233.6644
• Rent YoY: ▲ 1.27%
• 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

+524.6% since first listed

17 events — show timeline

• 2026-06-01 Listed $149,900 ARMLS
• 2023-04-28 Sold (Public Records) $145,000 Public Records
• 2023-04-28 Sold (MLS) $145,000 ARMLS
• 2023-04-25 Pending — ARMLS
• 2023-04-19 Contingent — ARMLS
• 2023-03-13 Price Changed $150,000 ARMLS
• 2023-01-23 Price Changed $155,000 ARMLS
• 2022-11-21 Listed $160,000 ARMLS
• 2013-02-25 Sold (MLS) $36,900 ARMLS
• 2013-02-15 Pending — ARMLS
• 2012-09-18 Listed $40,999 ARMLS
• 2012-05-04 Listing Removed — ARMLS
• 2012-01-20 Price Changed $44,900 ARMLS
• 2011-02-28 Relisted — ARMLS
• 2010-12-11 Listing Removed — ARMLS
• 2009-12-15 Listed $49,900 ARMLS
• 1993-01-21 Sold (Public Records) $24,000 Public Records

Property tax history

-0.2%/yr

Latest (2025): $258 · +2.4% YoY. Source: county tax records.