4675 S Harrison Rd #150

Tucson, AZ 85730

$135,000D-

3 bd · 2.0 ba · 1,344 sqft · Built 1982 · Manufactured · Active · 134 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,439/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$225
• HOA: −$495
• Vac / Maint / Mgmt: −$302
• Net cashflow: $-291/mo
• Annual: $-3,495/yr
• Cap rate: 3.70%
• Cash-on-cash: -9.25%
• DSCR: 0.59
• 1% rule: 1.07%
• Cash to close: $37,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $135k. Condition is rated fair.
• At list price, monthly cash flow is $-291 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $93k (31.2% below list).
• Meets the 1% rule at list price ($1k rent vs $135k).
• It's been on market 134 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $93k (31.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#17 in AZ, #4,502 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: health & safety C-, crime F, employment D-.
• Tucson Unified District (4403) (urban): math 14% / reading 23% proficiency, ranked #190 of 249 in AZ (top 76%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Dunham Elementary School (math 17% / reading 34%, grade F, #629 of 1,109 statewide, top 57%, 158 students, 61% FRL); Secrist Middle School (math 2% / reading 17%, grade F, #194 of 218 statewide, top 90%, 304 students, 76% FRL); Santa Rita High School (math 8% / reading 8%, grade F, #358 of 381 statewide, top 94%, 392 students, 63% FRL).
• Watch-outs: HOA is 34% of rent.
• Market conditions: Rents soft (-0.2%/yr); 254 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals lingering (median 53d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 74% of comp listings sitting > 30 days — soft ceiling on asking rent; 5,268 units permitted in Pima County in 2024 (996 in 5+ unit buildings).
• Pima County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 134 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?

Repairs flagged (vision-AI assessment)

• Major: siding — Severe weathering and peeling
• Major: flooring — Exposed subflooring
• Major: interior walls — Painted walls with visible wear