18202 N Cave Creek Rd #113 · Phoenix, AZ 85032

$122,000

3 bd · 1.0 ba · 836 sqft · Condo public records · 14 Days on market

Built 1983 $345/mo HOA · 21% of rent

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Why this score? — see what drove the C- 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 +18.3/30.0
• 1% rule +8.5/10.0
• ARV discount +7.5/15.0
• DSCR +5.8/10.0
• Schools +3.8/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Unit 113 is the perfect unit to make completely yours. This unit is gutted and a blank canvas. Renovations were halted, our loss is your gain. MLS 5862553 unit 213 is also available

Key facts

• Fresh paint
• Community pool
• More light

Tags

• CORNER UNIT
• MORE WINDOWS
• MORE LIGHT
• FRESH PAINT
• NEW MICROWAVE
• COMMUNITY POOL

Property features AI

Finance

• Other: Community laundry (shared)
• HOA & community: Community association with monthly fee; Association fee covers roof repair, roof replacement, sewer, pest control, grounds maintenance, front yard maintenance, trash and water; Monthly association fee

Exterior

• Parking: Unassigned parking
• Utilities: City water; Public sewer
• Home design: Apartment (attached property); Fee simple ownership
• Construction: Stucco and wood frame construction; Composition roof
• Exterior features: Desert front lot; No fencing; Community pool

Interior

• Kitchen: Built-in microwave; Refrigerator; Dishwasher; Garbage disposal
• Bedrooms: Up to 3 possible bedrooms
• Flooring: Vinyl flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Central air conditioning; Ceiling fan(s)
• Interior features: Breakfast bar; No interior steps; Solar screens; Dual-pane windows
• Laundry & utility: No laundry in unit (community laundry available)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath condo listed at $122k.

Deal economics

• At list price, monthly cash flow is $112 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $122k).
• Cap rate 7.4% 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.
• Paradise Valley Unified District (4241) (urban): math 39% / reading 46% proficiency, ranked #56 of 249 in AZ (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Campo Bello Elementary School (math 20% / reading 27%, grade F, #669 of 1,109 statewide, top 61%, 619 students, 71% FRL); Palomino Intermediate School (math 7% / reading 19%, grade F, #169 of 218 statewide, top 79%, 435 students, 82% FRL); Paradise Valley High School (math 38% / reading 43%, grade F, #69 of 381 statewide, top 18%, 1,874 students, 30% FRL) — zoned schools average 61% FRL vs 29% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 26% at this address vs 42% district-wide (-17 pts) — the specific schools serving this property underperform the Paradise Valley Unified District (4241) average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-1.5%/yr); 340 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 36,011 units permitted in Maricopa County in 2024 (12,801 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $843 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Maricopa County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 7y 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 $98k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.
• Climate carrying-cost: extreme-heat days projected 6→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $122,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.35% ✓
• Cap rate: 7.40%
• Cash-on-cash: 3.95%
• DSCR: 1.18
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -14.6%
• Equity multiple: 0.50×
• Total profit: $-17,199
• Equity at exit: $18,191

10-year hold

• IRR: -14.8%
• Equity multiple: 0.31×
• Total profit: $-23,441
• Equity at exit: $10,548

Cash invested: $34,160 (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 85032

• Rents YoY: -1.5%
• Active inventory: 340
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,646 high
• Mortgage (P&I): −$640
• Tax est. 1.5%: −$152 /mo · $1,830/yr
• Insurance: −$51
• HOA: −$345
• Vacancy / Maint / Mgmt: −$346
• Net cashflow: $112

Break-even live

Break-even rent $1,504

Max offer price $122,000

Occupancy floor 88%

Sensitivity live

Price	-10% $197	-5% $155	+0% $112	+5% $70	+10% $28
Rent	-10% $-18	-5% $47	+0% $112	+5% $177	+10% $242
Rate	-1.0pp $174	-0.5pp $143	base $112	+0.5pp $81	+1.0pp $49

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: $30,500
• Closing costs: $3,660
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18202 N Cave Creek Rd Phoenix, AZ	1.0–3.0	1.0–2.0	722	$1,500	$2.08	5d	7	0.04mi
18416 N Cave Creek Rd Phoenix, AZ	2.0	1.0–2.0	786	$3,000	$3.81	0d	7	0.11mi
18416 N Cave Creek Rd Phoenix, AZ	2.0	1.0–2.0	786	$3,000	$3.81	5d	9	0.11mi
2311 E Union Hills Dr Phoenix, AZ	1.0–2.0	1.0–2.0	835	$1,681	$2.01	1d	11	0.17mi
18660 N Cave Creek Rd Phoenix, AZ	1.0–3.0	1.0–2.0	961	$1,940	$2.02	0d	12	0.29mi
2077 E Charleston Ave Phoenix, AZ	2.0	1.0	720	$1,295	$1.80	26d	1	0.32mi
2067 E Charleston Ave Phoenix, AZ	2.0	2.0	840	$1,395	$1.66	26d	1	0.34mi
2554 E Villa Rita Dr Phoenix, AZ	2.0	1.0	1118	$2,750	$2.46	26d	1	0.34mi
17602 N Cave Creek Rd Phoenix, AZ	2.0	1.0–2.0	650	$1,625	$2.50	0d	10	0.39mi
1814 E Bell Rd Phoenix, AZ	1.0–2.0	1.0–2.0	987	$1,663	$1.68	0d	11	0.86mi
16801 N 26th St Apt 17 Phoenix, AZ	2.0	1.0	800	$1,195	$1.49	26d	1	0.97mi
19635 N Cave Creek Rd Phoenix, AZ	3.0	1.0–2.0	999	$1,933	$1.93	0d	21	0.97mi
16627 N 25th St Unit 23 Phoenix, AZ	2.0	1.0	765	$1,145	$1.50	26d	1	0.99mi
1750 E Bell Rd Phoenix, AZ	1.0–2.0	1.0	700	$1,349	$1.93	26d	1	1.02mi
2500 E Marco Polo Rd Phoenix, AZ	2.0	1.0–2.0	918	$2,390	$2.60	4d	16	1.09mi
16816 N 29th St Apt 202 Phoenix, AZ	2.0	2.0	800	$1,100	$1.38	9d	1	1.10mi
20050 N Cave Creek Rd Phoenix, AZ	1.0–2.0	1.0–2.0	909	$1,725	$1.90	0d	9	1.11mi
16815 N 29th St Apt 146 Phoenix, AZ	2.0	1.0	850	$999	$1.18	26d	1	1.13mi
2424 E Grandview Rd Phoenix, AZ	2.0	1.0	575	$942	$1.64	6d	6	1.13mi
2424 E Grandview Rd Phoenix, AZ	2.0	1.0	700	$1,159	$1.66	26d	1	1.13mi
2424 E Grandview Rd Phoenix, AZ	2.0	1.0	700	$942	$1.35	23d	1	1.13mi
2424 E Grandview Rd Apt 310 Phoenix, AZ	2.0	1.0	700	$942	$1.35	26d	1	1.14mi
2424 E Grandview Rd Unit 107 Phoenix, AZ	2.0	1.0	700	$829	$1.18	26d	1	1.14mi
16815 N 29th St Phoenix, AZ	2.0	1.0	850	$1,199	$1.41	26d	1	1.16mi
16815 N 29th St Phoenix, AZ	2.0	1.0	850	$1,050	$1.23	18d	3	1.16mi
3301 E Wescott Dr Phoenix, AZ	3.0	2.0	1101	$1,995	$1.81	26d	1	1.25mi
1450 E Bell Rd Phoenix, AZ	1.0–3.0	1.0–2.0	957	$2,085	$2.18	0d	90	1.27mi
2220 E Beardsley Rd Phoenix, AZ	4.0	1.0–2.0	855	$1,951	$2.28	1d	64	1.27mi
16645 N 31st St Phoenix, AZ	2.0	1.0	483	$1,595	$3.30	3d	6	1.34mi
16033 N 25th St Unit 102 Phoenix, AZ	3.0	2.0	1050	$1,350	$1.29	9d	1	1.38mi
16437 N 31st St Phoenix, AZ	1.0–2.0	1.0	687	$1,049	$1.53	4d	4	1.40mi
16402 N 31st St #119 Phoenix, AZ	2.0	2.0	933	$1,375	$1.47	19d	1	1.41mi
16402 N 31st St #119 Phoenix, AZ	2.0	2.0	933	$1,375	$1.47	5d	1	1.41mi
2616 E Monte Cristo Ave Unit 2624-2 Phoenix, AZ	2.0	1.0	825	$1,095	$1.33	26d	1	1.41mi
2616 E Monte Cristo Ave Unit 2624-4 Phoenix, AZ	2.0	1.0	825	$999	$1.21	7d	1	1.41mi
2807 E Paradise Ln Unit 103 Phoenix, AZ	3.0	3.0	1124	$1,475	$1.31	26d	1	1.42mi
3027 E Grandview Rd Unit 3027-B Phoenix, AZ	2.0	1.0	912	$1,375	$1.51	9d	1	1.47mi
16225 N 30th St #9 Phoenix, AZ	2.0	1.5	968	$1,350	$1.39	26d	1	1.48mi
2826 E Monte Cristo Ave Unit 203 Phoenix, AZ	2.0	2.0	929	$1,295	$1.39	18d	1	1.49mi
2826 E Monte Cristo Ave Phoenix, AZ	2.0	2.0	929	$1,295	$1.39	16d	1	1.50mi

HOA detail condo

• Monthly dues: $345 · $4,140/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-06-21
   days on market $122,000 Active 14 DOM
2. 2026-06-18
   days on market $122,000 Active 11 DOM
3. 2026-06-17
   days on market $122,000 Active 10 DOM
4. 2026-06-16
   days on market $122,000 Active 9 DOM
5. 2026-06-15
   days on market $122,000 Active 8 DOM
6. 2026-06-13
   days on market $122,000 Active 6 DOM
7. 2026-06-13
   days on market $122,000 Active 5 DOM
8. 2026-06-09
   days on market $122,000 Active 2 DOM
9. 2026-06-08
   remarks 699-char remark
10. 2026-06-08
    listed $122,000 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 6 d/yr ≥110°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,755
• − Mortgage interest: −$6,834
• − Property taxes: −$1,830
• − Insurance: −$610
• − Repairs & maintenance: −$1,580
• − Management: −$1,580
• − HOA: −$4,140
• − Depreciation: −$3,549
• Taxable loss: −$369
• Est. tax savings @ 24.0%: +$89
• After-tax cash flow: $1,437/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: Paradise Valley Unified District (4241)
• NCES district ID: 0405930
• Math proficiency: 39% ▼ -11.00%
• Reading proficiency: 46% ▼ -7.00%
• Median HH income: $64,106
• Composite: 37.89/100
• National rank: #4316
• State rank: #56 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): 70,839
• Household income: $78,643
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 2887.0

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 0.57)
• Race & ethnicity: White 59% Hispanic / Latino 29% Two or more races 17% Asian 4% Black 3% Native American 2%
• Hispanic origin (detail): Mexican 25%
• Common ancestry: Romanian 2% Slovak 2% Portuguese 2%
• Foreign-born: 18% · Canada, China
• Languages at home: 71% English-only · Spanish 21% Russian/Polish/Slavic 2% Other Indo-European 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: ▼ -488.65%
• Current HPI: 339.4181
• Rent YoY: ▼ -1.46%
• 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

-97.5% since first listed

9 events — show timeline

• 2026-06-07 Listed $122,000 ARMLS
• 2019-12-16 Sold (Public Records) $97,740 Public Records
• 2019-01-10 Sold (Public Records) $35,000 Public Records
• 2019-01-10 Sold (MLS) $35,000 ARMLS
• 2019-01-04 Pending — ARMLS
• 2019-01-03 Listed $45,000 ARMLS
• 2016-06-06 Sold (Public Records) $267,000 Public Records
• 2002-11-01 Sold (Public Records) $4,769,000 Public Records
• 1993-05-27 Sold (Public Records) $4,912,750 Public Records

Property tax history

-5.6%/yr

Latest (2025): $240 · +2.7% YoY. Source: county tax records.