2916 E Monroe St

Phoenix, AZ 85034

$1,040,000B

90 bd · 90.0 ba · 2,027 sqft · Built 1944 · MultiFamily · Active · 115 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $13,587/mo
• Mortgage (P&I): −$5,454
• Tax + insurance: −$1,733
• HOA: −$0
• Vac / Maint / Mgmt: −$2,853
• Net cashflow: $3,547/mo
• Annual: $42,558/yr
• Cap rate: 10.39%
• Cash-on-cash: 14.61%
• DSCR: 1.65
• 1% rule: 1.31%
• Cash to close: $291,200

Investor read

• This is a 9 × 10-bed/?-bath units multifamily listed at $1.04M.
• 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).
• It's been on market 115 days — a 9% lower offer ($946k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $946k (9.0% below list) — sets the bar for market timing.
• In year one you build about $111k of equity ($7k loan paydown + $104k appreciation (10.0% local appreciation)).
• 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.
• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents falling (-4.0%/yr); 36 active listings in the ZIP; 36,011 units permitted in Maricopa County in 2024 (12,801 in 5+ unit buildings).
• Maricopa County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.
• 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.

Questions for listing agent

• It's been on market 115 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1944 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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.