2916 E Monroe St · Phoenix, AZ 85034

$1,040,000

90 bd · 90.0 ba · 2,027 sqft · MultiFamily public records · 112 Days on market

Built 1944 0.34 ac lot

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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 +29.0/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.1/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +1.5/5.0
• Schools +0.9/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 9 units. estimate disagrees with records

Listing remarks

9 unit multifamily investment opportunity in Phoenix, AZ. Built in 1946, the property spans two contiguous parcels (2916 and 2920 E. Monroe Street) and features a diverse mix mix: (3) studios, (3) one-bedrooms, (2) two-bedrooms, and (1) large three-bedroom unit over 1,000 SF. The asset offers a cap rate of 7.79% on current financials resulting in stable cash flow with upside potential. Current ownership has already completed a full sewer line replacement, mitigating a major capital expense. Strategically located, the property provides convenient access to Downtown Phoenix, Phoenix Sky Harbor International Airport, and major transportation corridors (Loop 202 and I-10), ensuring strong long-

Key facts

• 0.34 acre lot
• 15 parking spots
• Built 1944

Tags

• FULL SEWER LINE REPLACEMENT

Property features AI

Finance

• Other: Lot dimensions approximately 100 ft x 150 ft; Additional parcels included
• Financial info: Unit-level rent example: $850 (unit-level income detail provided); Property has multiple units/buildings (income/investor property)
• HOA & community: No pool

Exterior

• Parking: 15 total parking spaces; On-street parking available; More than one space per unit; Other parking types
• Utilities: Electric service by APS with individual meters; Public sewer; City franchise water
• Home design: Fee simple ownership; Multiple buildings on site
• Construction: Wood frame construction; Painted stucco exterior; Composition and rolled/hot mop roofing; Other construction materials; Six buildings on the property
• Exterior features: Concrete and asphalt road surfaces; No pool

Interior

• Kitchen: Built-in range; Free-standing range; Microwave; Refrigerator
• Bedrooms: Unit(s) with typical bedroom configurations (unit-level details available)
• Flooring: Ceramic tile; Other flooring
• Bathrooms: Unit(s) with 1 bathroom (unit-level)
• Heating & cooling: Heat pump; Electric heating; Central air; Individual system controls; See remarks for additional heating/cooling details
• Interior features: Central air conditioning with individual unit control; See remarks for additional heating/cooling details; Heat pump and electric heating; Built-in and free-standing range; Microwave; Refrigerator; Other appliances (see remarks); Ceramic tile and other flooring
• Laundry & utility: Individual utility meters

What this means for you Summary

Snapshot

• This is a 9 × 10-bed/?-bath units multifamily listed at $1.04M.

Deal economics

• At list price, monthly cash flow is $4k ($43k/yr) — positive. Per door: $394/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $1.04M).
• Recommended offer: $946k (9.0% below list) — sets the bar for market timing.

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.
• Wilson Elementary District (4261) (urban): math 8% / reading 17% proficiency, ranked #235 of 249 in AZ (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Wilson Elementary School (math 7% / reading 19%, grade F, #169 of 218 statewide, top 79%, 582 students, 79% FRL) — zoned schools average 79% FRL vs 51% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents falling (-4.0%/yr); 34 active listings in the ZIP; 36,011 units permitted in Maricopa County in 2024 (12,801 in 5+ unit buildings).

Forward outlook

• In year one you build about $111k of equity ($7k loan paydown + $104k appreciation (10.0% local appreciation)).
• Maricopa County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 0.0% rent growth), your $291k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$179k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 112 days — a 9% lower offer ($946k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 26y 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.
• Current owner paid $195k; list at $1.04M implies a 433% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $946,400 (9.0% below list)

Questions for the listing agent

1. It's been on market 112 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1944 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.31% ✓
• Cap rate: 10.39%
• Cash-on-cash: 14.61%
• DSCR: 1.65
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 33.7%
• Equity multiple: 3.58×
• Total profit: $752,678
• Equity at exit: $936,914

10-year hold

• IRR: 28.0%
• Equity multiple: 7.76×
• Total profit: $1,967,994
• Equity at exit: $2,020,491

Cash invested: $291,200 (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 85034

• Home prices YoY: 3.7%
• Rents YoY: -4.0%
• Active inventory: 34
• Price-to-rent: 57.4×

Monthly cashflow live

• Estimated rent: $13,587 medium
• Mortgage (P&I): −$5,454
• Tax est. 1.5%: −$1,300 /mo · $15,600/yr
• Insurance: −$433
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,853
• Net cashflow: $3,547

Break-even live

Break-even rent $9,098

Max offer price $1,040,000

Occupancy floor 69%

Sensitivity live

Price	-10% $4,265	-5% $3,906	+0% $3,547	+5% $3,187	+10% $2,828
Rent	-10% $2,473	-5% $3,010	+0% $3,547	+5% $4,083	+10% $4,620
Rate	-1.0pp $4,070	-0.5pp $3,811	base $3,547	+0.5pp $3,277	+1.0pp $3,003

9-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 9× units	10	—	$13,590
Total (9 units)			$13,587

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: $260,000
• Closing costs: $31,200
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $1,040,000 Active 112 DOM
2. 2026-06-17
   days on market $1,040,000 Active 111 DOM
3. 2026-06-16
   days on market $1,040,000 Active 110 DOM
4. 2026-06-15
   days on market $1,040,000 Active 109 DOM
5. 2026-06-13
   days on market $1,040,000 Active 107 DOM
6. 2026-06-09
   days on market $1,040,000 Active 103 DOM
7. 2026-06-08
   days on market $1,040,000 Active 102 DOM
8. 2026-06-07
   days on market $1,040,000 Active 101 DOM
9. 2026-06-04
   days on market $1,040,000 Active 98 DOM
10. 2026-06-03
    days on market $1,040,000 Active 97 DOM
11. 2026-06-02
    days on market $1,040,000 Active 96 DOM
12. 2026-06-01
    days on market $1,040,000 Active 95 DOM
13. 2026-05-31
    days on market $1,040,000 Active 94 DOM
14. 2026-02-26
    listed $1,040,000 Active
15. 2025-10-29
    historical
16. 2025-07-08
    price $999,999
17. 2025-04-26
    status Active
18. 2025-04-14
    historical Under Contract Accepting Backups
19. 2025-03-31
    price $1,100,000
20. 2025-02-22
    price $1,150,000
21. 2025-02-22
    price $1,100,000
22. 2025-01-13
    price $1,150,000
23. 2024-09-24
    price $1,250,000
24. 2024-08-15
    listed $1,300,000 Active
25. 2022-06-28
    historical
26. 2022-05-17
    listed $1,250,000 Active
27. 2015-08-31
    soldstatus $195,000
28. 2015-06-17
    historical
29. 2015-03-25
    listed $299,000 Active
30. 2013-07-01
    historical
31. 2013-06-21
    soldstatus $145,000
32. 2013-05-29
    price $240,000
33. 2013-05-17
    price $179,900
34. 2013-05-13
    listed $209,900 Active
35. 2012-04-24
    soldstatus $210,000
36. 2011-09-20
    soldstatus $50,500
37. 2011-09-20
    soldstatus $83,000
38. 2011-07-29
    soldstatus $99,000 Closed
39. 2011-07-24
    status Pending
40. 2011-07-11
    price $99,000 Active
41. 2011-07-11
    status Active
42. 2011-06-21
    historical
43. 2011-05-31
    listed $79,000 Active
44. 2011-04-10
    status Pending
45. 2011-04-10
    soldstatus $100,000 Closed
46. 2011-03-15
    price $109,000
47. 2011-03-14
    listed $119,000 Active
48. 2010-06-04
    soldstatus $116,611
49. 2010-05-08
    historical
50. 2009-05-06
    listed $129,900 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 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥112°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $163,044
• − Mortgage interest: −$58,256
• − Property taxes: −$15,600
• − Insurance: −$5,200
• − Repairs & maintenance: −$13,044
• − Management: −$13,044
• − Depreciation: −$30,255
• Taxable income: $27,646
• Est. tax owed @ 24.0%: −$6,635
• After-tax cash flow: $35,923/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: Wilson Elementary District (4261)
• NCES district ID: 0409390
• Math proficiency: 8% ▼ -20.00%
• Reading proficiency: 17% ▼ -10.00%
• Median HH income: $24,609
• Composite: 9.23/100
• National rank: #9861
• State rank: #235 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): 4,854
• Household income: $63,559
• Rent vs Own: 77.5% rent · 22.5% own
• Severe rent burden: 480.0

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 0.60)
• Race & ethnicity: Hispanic / Latino 54% White 31% Two or more races 27% Native American 9% Black 7% Asian 3%
• Hispanic origin (detail): Mexican 49% Puerto Rican 2%
• Common ancestry: Portuguese 3% Romanian 3% Scotch-Irish 2%
• Foreign-born: 18% · Canada, South Korea, China
• Languages at home: 52% English-only · Spanish 42% Russian/Polish/Slavic 1% Korean 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: ▲ 20.05%
• Current HPI: 557.7026
• Rent YoY: ▼ -3.96%
• 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

+2211.1% since first listed

43 events — show timeline

• 2026-02-26 Listed $1,040,000 ARMLS
• 2025-10-29 Listing Removed — ARMLS
• 2025-07-08 Price Changed $999,999 ARMLS
• 2025-04-26 Relisted — ARMLS
• 2025-04-14 Contingent — ARMLS
• 2025-03-31 Price Changed $1,100,000 ARMLS
• 2025-02-22 Price Changed $1,150,000 ARMLS
• 2025-02-22 Price Changed $1,100,000 ARMLS
• 2025-01-13 Price Changed $1,150,000 ARMLS
• 2024-09-24 Price Changed $1,250,000 ARMLS
• 2024-08-15 Listed $1,300,000 ARMLS
• 2022-06-28 Listing Removed — ARMLS
• 2022-05-17 Listed $1,250,000 ARMLS
• 2015-08-31 Sold (Public Records) $195,000 Public Records
• 2015-06-17 Listing Removed — ARMLS
• 2015-03-25 Listed $299,000 ARMLS
• 2013-07-01 Listing Removed — ARMLS
• 2013-06-21 Sold (Public Records) $145,000 Public Records
• 2013-05-29 Price Changed $240,000 ARMLS
• 2013-05-17 Price Changed $179,900 ARMLS
• 2013-05-13 Listed $209,900 ARMLS
• 2012-04-24 Sold (Public Records) $210,000 Public Records
• 2011-09-20 Sold (Public Records) $83,000 Public Records
• 2011-09-20 Sold (Public Records) $50,500 Public Records
• 2011-07-29 Sold (MLS) $99,000 ARMLS
• 2011-07-24 Pending — ARMLS
• 2011-07-11 Relisted — ARMLS
• 2011-07-11 Price Changed $99,000 ARMLS
• 2011-06-21 Listing Removed — ARMLS
• 2011-05-31 Listed $79,000 ARMLS
• 2011-04-10 Pending — ARMLS
• 2011-04-10 Sold (MLS) $100,000 ARMLS
• 2011-03-15 Price Changed $109,000 ARMLS
• 2011-03-14 Listed $119,000 ARMLS
• 2010-06-04 Sold (Public Records) $116,611 Public Records
• 2010-05-08 Listing Removed — ARMLS
• 2009-05-06 Listed $129,900 ARMLS
• 2003-07-14 Listing Removed — ARMLS
• 2003-06-16 Listed $300,000 ARMLS
• 2000-05-31 Sold (Public Records) $142,000 Public Records
• 2000-05-25 Sold (MLS) $142,000 ARMLS
• 2000-04-10 Listed $142,000 ARMLS
• 1975-04-29 Sold (Public Records) $45,000 Public Records

Property tax history

-3.1%/yr

Latest (2025): $1,557 · +6.9% YoY. Source: county tax records.