1638 S 5th St · Phoenix, AZ 85004

$529,000

None bd · 1.0 ba · 2,464 sqft · MultiFamily public records · 35 Days on market

Built 2006

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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 +15.2/30.0
• ARV discount +7.5/15.0
• Appreciation +4.7/10.0
• DSCR +4.6/10.0
• Livability +3.8/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Rent growth +1.9/5.0
• Schools +1.1/10.0

Multi-family units

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

Listing remarks

Great duplex investment opportunity near Downtown Phoenix! Two-unit property with easy access to I-17, I-10, and Sky Harbor Airport. Perfect for investors or owner-occupants. Convenient location close to restaurants, schools, shopping, and public transportation.

Key facts

• Easy access to i-17
• Easy access to i-10
• 8 parking spots

Tags

• DUPLEX INVESTMENT OPPORTUNITY
• EASY ACCESS TO I-17
• EASY ACCESS TO I-10

Property features AI

Finance

• Other: Lot dimensions listed as 6,335; Directions: From 7th St. take Mohave East to 5th St., turn right on 5th St.; property is on the second lot on the left.
• Financial info: $1,341 annual tax (2025)
• HOA & community: No pool; Community features: Other; see remarks

Exterior

• Parking: 8 total parking spaces; 4 covered spaces; 4 open spaces; Carports available; More than one space per unit
• Utilities: Electric service by APS; Public sewer; City franchise water
• Home design: Fee simple ownership; Two buildings on the property
• Construction: Wood frame construction; Painted exterior; Stucco finish; Composition roof
• Exterior features: Painted stucco finish; Wood frame construction; Composition roof; Asphalt road access

Interior

• Kitchen: Built-in electric oven; Disposal
• Flooring: Carpet; Vinyl
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Disposal; Built-in electric oven; Washer/dryer hookup
• Laundry & utility: Washer/dryer hookup

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $529k.

Deal economics

• At list price, monthly cash flow is $179 ($2k/yr) — positive. Per door: $90/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $416k (21.4% below list).
• Recommended offer: $416k (21.4% below list) — sets the bar for 1% rule.
• Cap rate 6.7% 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.
• Phoenix Union High School District (4286) (urban): math 10% / reading 15% proficiency, ranked #224 of 249 in AZ (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents soft (-2.3%/yr); 76 active listings in the ZIP; 6 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).
• At $4,159/mo this rent would consume 68% of the median local household income ($74k/yr) (locally 1285% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $8 of equity ($4k loan paydown + $-4k appreciation (-0.7% local appreciation)).
• Maricopa County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($513k) is reasonable based on typical stale-listing flexibility.
• 21 sale attempts since 20y 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 $380k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• 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 $415,900 (21.4% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 21% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.79% ✗
• Cap rate: 6.70%
• Cash-on-cash: 1.45%
• DSCR: 1.06
• GRM: 10.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-0.69% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -5.2%
• Equity multiple: 0.77×
• Total profit: $-33,432
• Equity at exit: $135,613

10-year hold

• IRR: -0.9%
• Equity multiple: 0.92×
• Total profit: $-11,751
• Equity at exit: $149,268

Cash invested: $148,120 (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 85004

• Home prices YoY: -0.2%
• Rents YoY: -2.3%
• Active inventory: 76
• Price-to-rent: 21.2×

Monthly cashflow live

• Estimated rent: $4,159 high
• Mortgage (P&I): −$2,774
• Tax from tax record: −$112 /mo · $1,341/yr
• Insurance: −$220
• HOA: −$0
• Vacancy / Maint / Mgmt: −$873
• Net cashflow: $179

Break-even live

Break-even rent $3,932

Max offer price $529,000

Occupancy floor 91%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,158
Total (2 units)			$4,159

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: $132,250
• Closing costs: $15,870
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1714 S 5th St Phoenix, AZ	3.0	2.5	1576	$2,350	$1.49	1d	1	0.10mi
1010 E Cocopah St Phoenix, AZ	3.0	2.0	1590	$2,850	$1.79	2d	1	0.47mi
424 S 2nd St #208 Phoenix, AZ	1.0	2.0	1710	$3,000	$1.75	1d	1	0.81mi
222 E Jefferson St Phoenix, AZ	2.0	1.0–2.5	1135	$4,225	$3.72	1d	50	1.04mi
1325 W Apache St Phoenix, AZ	3.0	2.0	1885	$1,675	$0.89	7d	1	1.29mi
50 W Van Buren St Phoenix, AZ	2.0	1.0–2.0	1231	$8,455	$6.87	1d	126	1.40mi

Listing history 50 events

1. 2026-06-18
   days on market $529,000 Active 35 DOM
2. 2026-06-17
   days on market $529,000 Active 34 DOM
3. 2026-06-16
   days on market $529,000 Active 33 DOM
4. 2026-06-15
   days on market $529,000 Active 32 DOM
5. 2026-06-13
   days on market $529,000 Active 30 DOM
6. 2026-06-13
   days on market $529,000 Active 29 DOM
7. 2026-06-09
   days on market $529,000 Active 26 DOM
8. 2026-06-08
   days on market $529,000 Active 25 DOM
9. 2026-06-07
   days on market $529,000 Active 24 DOM
10. 2026-06-04
    days on market $529,000 Active 21 DOM
11. 2026-06-03
    days on market $529,000 Active 20 DOM
12. 2026-06-02
    days on market $529,000 Active 19 DOM
13. 2026-06-01
    days on market $529,000 Active 18 DOM
14. 2026-05-31
    days on market $529,000 Active 17 DOM
15. 2026-05-05
    listed $529,000 Active
16. 2017-04-03
    soldstatus $379,800
17. 2017-03-31
    soldstatus $180,000
18. 2017-03-03
    historical
19. 2017-02-25
    historical Under Contract Accepting Backups
20. 2017-02-10
    listed $189,999 Active
21. 2016-11-02
    historical
22. 2016-10-30
    price $189,900
23. 2016-10-28
    price $192,999
24. 2016-10-17
    status Active
25. 2016-10-15
    historical Under Contract Accepting Backups
26. 2016-10-15
    status Active
27. 2016-10-13
    status Pending
28. 2016-10-09
    listed $193,999 Active
29. 2016-10-07
    historical
30. 2016-10-06
    historical Under Contract Accepting Backups
31. 2016-10-02
    historical
32. 2016-09-30
    listed $389,998 Active
33. 2016-09-30
    listed $194,999 Active
34. 2016-09-20
    historical
35. 2016-09-10
    listed $199,000 Active
36. 2012-07-02
    soldstatus $115,000 Closed
37. 2012-07-02
    soldstatus $115,000
38. 2012-06-09
    listed $125,000 Active
39. 2012-04-03
    historical
40. 2012-04-02
    status Active
41. 2012-03-30
    status Pending
42. 2012-03-28
    price $105,000
43. 2012-02-21
    price $95,000
44. 2012-01-26
    price $98,000
45. 2012-01-24
    status Active
46. 2011-12-27
    status Pending
47. 2011-12-05
    price $97,500
48. 2011-11-28
    price $98,500
49. 2011-11-23
    listed $99,500 Active
50. 2011-11-04
    historical

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast AZ · Resets to sale price

• Current annual tax: $1,341 · $112/mo
• Projected year-2 tax: $3,491 · $291/mo
• Expected delta: +$2,150/yr (+$179/mo · 160.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,908
• − Mortgage interest: −$29,632
• − Property taxes: −$1,341
• − Insurance: −$2,645
• − Repairs & maintenance: −$3,993
• − Management: −$3,993
• − Depreciation: −$15,389
• Taxable loss: −$7,085
• Est. tax savings @ 24.0%: +$1,700
• After-tax cash flow: $3,852/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: Phoenix Union High School District (4286)
• NCES district ID: 0406330
• Math proficiency: 10% ▼ -27.00%
• Reading proficiency: 15% ▼ -18.00%
• Median HH income: $39,055
• Composite: 10.63/100
• National rank: #9773
• State rank: #224 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): 12,408
• Household income: $73,750
• Rent vs Own: 78.9% rent · 21.1% own
• Severe rent burden: 1285.0

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 0.66)
• Race & ethnicity: White 53% Hispanic / Latino 25% Two or more races 16% Native American 8% Black 6% Asian 6%
• Hispanic origin (detail): Mexican 20%
• Common ancestry: Italian 3% Romanian 3% Slovak 1%
• Foreign-born: 13% · Canada, Jamaica, South Korea
• Languages at home: 77% English-only · Spanish 15% Other Indo-European 2% 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: ▼ -0.69%
• Current HPI: 363.9116
• Rent YoY: ▼ -2.30%
• 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

+1222.5% since first listed

59 events — show timeline

• 2026-05-05 Listed $529,000 ARMLS
• 2017-04-03 Sold (Public Records) $379,800 Public Records
• 2017-03-31 Sold (Public Records) $180,000 Public Records
• 2017-03-03 Listing Removed — ARMLS
• 2017-02-25 Contingent — ARMLS
• 2017-02-10 Listed $189,999 ARMLS
• 2016-11-02 Listing Removed — ARMLS
• 2016-10-30 Price Changed $189,900 ARMLS
• 2016-10-28 Price Changed $192,999 ARMLS
• 2016-10-17 Relisted — ARMLS
• 2016-10-15 Contingent — ARMLS
• 2016-10-15 Relisted — ARMLS
• 2016-10-13 Pending — ARMLS
• 2016-10-09 Listed $193,999 ARMLS
• 2016-10-07 Listing Removed — ARMLS
• 2016-10-06 Contingent — ARMLS
• 2016-10-02 Listing Removed — ARMLS
• 2016-09-30 Listed $389,998 ARMLS
• 2016-09-30 Listed $194,999 ARMLS
• 2016-09-20 Listing Removed — ARMLS
• 2016-09-10 Listed $199,000 ARMLS
• 2012-07-02 Sold (Public Records) $115,000 Public Records
• 2012-07-02 Sold (MLS) $115,000 ARMLS
• 2012-06-09 Listed $125,000 ARMLS
• 2012-04-03 Listing Removed — ARMLS
• 2012-04-02 Relisted — ARMLS
• 2012-03-30 Pending — ARMLS
• 2012-03-28 Price Changed $105,000 ARMLS
• 2012-02-21 Price Changed $95,000 ARMLS
• 2012-01-26 Price Changed $98,000 ARMLS
• 2012-01-24 Relisted — ARMLS
• 2011-12-27 Pending — ARMLS
• 2011-12-05 Price Changed $97,500 ARMLS
• 2011-11-28 Price Changed $98,500 ARMLS
• 2011-11-23 Listed $99,500 ARMLS
• 2011-11-04 Listing Removed — ARMLS
• 2011-09-22 Price Changed $119,900 ARMLS
• 2011-08-18 Listed $129,900 ARMLS
• 2010-06-17 Sold (MLS) $63,000 ARMLS
• 2010-05-15 Pending — ARMLS
• 2010-04-07 Listed $62,800 ARMLS
• 2007-07-02 Sold (Public Records) $275,000 Public Records
• 2007-07-02 Sold (MLS) $275,000 ARMLS
• 2007-04-23 Listing Removed — ARMLS
• 2007-04-23 Listing Removed — ARMLS
• 2007-04-23 Listed $285,000 ARMLS
• 2007-04-05 Listed $279,900 ARMLS
• 2007-03-09 Listed $279,900 ARMLS
• 2007-01-16 Listing Removed — ARMLS
• 2006-12-06 Listed $285,000 ARMLS
• 2006-11-09 Listing Removed — ARMLS
• 2006-11-01 Listed $285,000 ARMLS
• 2006-08-05 Sold (MLS) $270,000 ARMLS
• 2006-08-04 Sold (Public Records) $270,000 Public Records
• 2006-03-29 Listing Removed — ARMLS
• 2006-03-28 Listed $270,000 ARMLS
• 2006-03-16 Sold (MLS) $40,000 ARMLS
• 2006-02-03 Listing Removed — ARMLS
• 2006-01-28 Listed $40,000 ARMLS

Property tax history

-2.7%/yr

Latest (2025): $1,341 · +6.2% YoY. Source: county tax records.