28990 N White Feather Ln #140 · Scottsdale, AZ 85262

$675,000

2 bd · 4.0 ba · 2,008 sqft · Condo public records · 69 Days on market

Built 2000 $336/sqft · at area comps Est $696k · at est. $508/mo HOA · 9% of rent

---

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 +11.7/30.0
• ARV discount +8.9/15.0
• Schools +5.4/10.0
• Livability +4.0/5.0
• DSCR +3.5/10.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located in the upscale Troon North community, in gated Stonedge, this well maintained, end unit townhome, sits very high in the development, near the end of the cul-de-sac. It enjoys gorgeous views from the front--well placed boulder outcroppings, in the rear a panoramic view of one of Arizona's mountain ranges. It features a newer heat-pump HVAC system (2022), newer hot water tank, carpeting and paint (2026). Most windows were replaced with Pella's InsulShield Low-E Glass. The open living room with gas fireplace, kitchen and eating area greets you as you enter the grand foyer, with soaring ceiling. There is also a powder room on the main floor. All floors on the first floor are tile. Step out from the dining area to the private patio and enjoy the sweet aromas of the desert. Upstairs you'll find two ensuite bedrooms. The primary suite includes a large, jetted tub, separate shower, double vanity and large walk-in closet, as well as a private balcony with mountain and desert views. The front bedroom includes its own ensuite bath and private balcony with views of nearby mountains and Sonoran landscaping. There are plantation shutters throughout the second story.

Key facts

• Newer ac
• New hot water tank
• Private balcony

Tags

• PRIVATE GATED COMMUNITY
• NEWER AC
• NEW HOT WATER TANK
• PELLA WINDOWS
• PRIVATE BALCONY
• MOUNTAIN AND DESERT VIEWS

What this means for you Summary

Snapshot

• This is a 2-bed/4.0-bath condo listed at $675k.

Deal economics

• At list price, monthly cash flow is $-193 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $641k (5.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $550k (18.5% below list).
• Recommended offer: $550k (18.5% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 2.5% in Scottsdale — 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 80/100 on livability (#4 in AZ, #1,756 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: health & safety C-, cost of living F.
• Cave Creek Unified District (4244) (urban): math 57% / reading 59% proficiency, ranked #13 of 249 in AZ (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Desert Sun Academy (math 52% / reading 57%, grade C, #208 of 1,109 statewide, top 19%, 322 students, 14% FRL); Sonoran Trails Middle School (math 48% / reading 50%, grade C-, #31 of 218 statewide, top 14%, 761 students, 7% FRL); Cactus Shadows High School (math 49% / reading 46%, grade D, #48 of 381 statewide, top 13%, 1,588 students, 6% FRL) — zoned schools at 9% FRL track the district average.
• Market conditions: 598 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 36,011 units permitted in Maricopa County in 2024 (12,801 in 5+ unit buildings).
• This rent runs 37% of the median local income ($178k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k 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

• It's been on market 69 days — a 6% lower offer ($634k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 22y ago; this cycle's ask has dropped $50k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $415k; list at $675k implies a 63% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $550,228 (18.5% below list)

Questions for the listing agent

1. 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?
2. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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?
9. 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.
10. 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.
11. 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: 0.82% ✗
• Cap rate: 5.95%
• Cash-on-cash: -1.22%
• DSCR: 0.95
• GRM: 10.2

CMA / ARV

• ARV (median comp): $696,417
• List price: $675,000
• Delta: -3.08%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -18.3%
• Equity multiple: 0.36×
• Total profit: $-121,642
• Equity at exit: $100,645

10-year hold

• IRR: -10.6%
• Equity multiple: 0.36×
• Total profit: $-121,698
• Equity at exit: $58,362

Cash invested: $189,000 (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 85262

• Home prices YoY: -12.2%
• Active inventory: 598
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $5,502 high
• Mortgage (P&I): −$3,540
• Tax from tax record: −$210 /mo · $2,525/yr
• Insurance: −$281
• HOA: −$508
• Vacancy / Maint / Mgmt: −$1,155
• Net cashflow: $-193

Break-even live

Break-even rent $5,746

Max offer price $640,970

Occupancy floor 98%

Sensitivity live

Price	-10% $189	-5% $-2	+0% $-193	+5% $-384	+10% $-575
Rent	-10% $-627	-5% $-410	+0% $-193	+5% $25	+10% $242
Rate	-1.0pp $147	-0.5pp $-21	base $-193	+0.5pp $-368	+1.0pp $-545

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: $168,750
• Closing costs: $20,250
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
28990 N White Feather Ln Scottsdale, AZ	2.0	2.5–4.5	2327	$4,625	$1.99	0d	2	0.17mi
10222 E Southwind Ln Unit 1018 Scottsdale, AZ	2.0	2.0	2040	$5,500	$2.70	20d	1	0.27mi
10222 E Southwind Ln Scottsdale, AZ	2.0–3.0	2.0–3.0	2386	$5,500	$2.31	45d	2	0.27mi
10260 E White Feather Ln Scottsdale, AZ	2.0	2.0	1791	$4,698	$2.62	26d	4	0.46mi
10260 E White Feather Ln Scottsdale, AZ	2.0	2.0	1791	$4,700	$2.62	0d	3	0.46mi
28444 N 101st Pl Scottsdale, AZ	3.0	3.0	2298	$3,500	$1.52	26d	1	0.52mi
9796 E Gamble Ln Scottsdale, AZ	3.0	2.5	2437	$10,400	$4.27	45d	1	0.70mi
9687 E Balancing Rock Rd Scottsdale, AZ	3.0	2.0	2439	$10,200	$4.18	0d	1	0.74mi
28504 N 108th Way Scottsdale, AZ	3.0	2.0	1949	$4,800	$2.46	45d	1	0.76mi
11096 E Dale Ln Scottsdale, AZ	2.0	3.0	1835	$3,750	$2.04	45d	1	1.08mi
9405 E Quarry Trl Scottsdale, AZ	3.0	2.5	2747	$5,800	$2.11	26d	1	1.08mi
27807 N 108th Way Scottsdale, AZ	3.0	3.0	2078	$5,000	$2.41	45d	1	1.10mi
11056 E Oberlin Way Scottsdale, AZ	3.0	3.0	2836	$9,500	$3.35	45d	1	1.15mi
11064 E Oberlin Way Scottsdale, AZ	2.0	2.5	2343	$3,800	$1.62	26d	1	1.16mi
11160 E Greythorn Dr Scottsdale, AZ	3.0	2.0	2311	$9,000	$3.89	45d	1	1.27mi
27000 N Alma School Pkwy #1012 Scottsdale, AZ	3.0	2.5	2144	$9,000	$4.20	26d	1	1.39mi
27000 N Alma School Pkwy #1016 Scottsdale, AZ	3.0	3.0	2379	$6,500	$2.73	0d	1	1.39mi
27000 N Alma School Pkwy Unit 2006 Scottsdale, AZ	3.0	3.0	2627	$7,500	$2.85	26d	1	1.39mi

HOA detail condo

• Monthly dues: $508 · $6,096/yr
• Likely covers: watergaslandscapingsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-21
   days on market $675,000 Active 69 DOM
2. 2026-06-18
   days on market $675,000 Active 66 DOM
3. 2026-06-17
   days on market $675,000 Active 65 DOM
4. 2026-06-16
   days on market $675,000 Active 64 DOM
5. 2026-06-15
   days on market $675,000 Active 63 DOM
6. 2026-06-13
   days on market $675,000 Active 61 DOM
7. 2026-06-13
   days on market $675,000 Active 60 DOM
8. 2026-06-09
   days on market $675,000 Active 57 DOM
9. 2026-06-08
   days on market $675,000 Active 56 DOM
10. 2026-06-07
    days on market $675,000 Active 55 DOM
11. 2026-06-04
    days on market $675,000 Active 52 DOM
12. 2026-06-03
    days on market $675,000 Active 51 DOM
13. 2026-06-02
    days on market $675,000 Active 50 DOM
14. 2026-06-01
    days on market $675,000 Active 49 DOM
15. 2026-05-31
    days on market $675,000 Active 48 DOM
16. 2026-05-08
    price $700,000 1190-char remark

    Show marketing remark (1190 chars)

    Located in the upscale Troon North community, in gated Stonedge, this well maintained, end unit townhome, sits very high in the development, near the end of the cul-de-sac. It enjoys gorgeous views from the front--well placed boulder outcroppings, in the rear a panoramic view of one of Arizona's mountain ranges. It features a newer heat-pump HVAC system (2022), newer hot water tank, carpeting and paint (2026). Most windows were replaced with Pella's InsulShield Low-E Glass. The open living room with gas fireplace, kitchen and eating area greets you as you enter the grand foyer, with soaring ceiling. There is also a powder room on the main floor. All floors on the first floor are tile. Step out from the dining area to the private patio and enjoy the sweet aromas of the desert. Upstairs you'll find two ensuite bedrooms. The primary suite includes a large, jetted tub, separate shower, double vanity and large walk-in closet, as well as a private balcony with mountain and desert views. The front bedroom includes its own ensuite bath and private balcony with views of nearby mountains and Sonoran landscaping. There are plantation shutters throughout the second story.

17. 2026-04-11
    listed $725,000 Active 1190-char remark

    Show marketing remark (1190 chars)

    Located in the upscale Troon North community, in gated Stonedge, this well maintained, end unit townhome, sits very high in the development, near the end of the cul-de-sac. It enjoys gorgeous views from the front--well placed boulder outcroppings, in the rear a panoramic view of one of Arizona's mountain ranges. It features a newer heat-pump HVAC system (2022), newer hot water tank, carpeting and paint (2026). Most windows were replaced with Pella's InsulShield Low-E Glass. The open living room with gas fireplace, kitchen and eating area greets you as you enter the grand foyer, with soaring ceiling. There is also a powder room on the main floor. All floors on the first floor are tile. Step out from the dining area to the private patio and enjoy the sweet aromas of the desert. Upstairs you'll find two ensuite bedrooms. The primary suite includes a large, jetted tub, separate shower, double vanity and large walk-in closet, as well as a private balcony with mountain and desert views. The front bedroom includes its own ensuite bath and private balcony with views of nearby mountains and Sonoran landscaping. There are plantation shutters throughout the second story.

18. 2005-01-06
    soldstatus $415,000 597-char remark

    Show marketing remark (597 chars)

    Shows fabulously! Wonderful view of Mountains and Golf Course. Granite Counter Tops. 15 1/2# tile set on the diagonal. Hickory Cabinets. Gas Fireplace. Recessed lighting. 2 Balconies. Both bedrooms have walk-in closets.Plantation Shutters. Wood Blinds. Can not close until 12/19/2004.This property sits at the 'high-end' of the development so has more views than other areas. Also, end of quiet cul-de-sac for private, tucked away location. Two community parking spaces in front as well. Boulder outcroppings all around. Spectacular property! Lock the door and go. Carefree lifestyle at it's best!

19. 2005-01-04
    soldstatus $415,000
20. 2004-10-20
    historical 597-char remark

    Show marketing remark (597 chars)

    Shows fabulously! Wonderful view of Mountains and Golf Course. Granite Counter Tops. 15 1/2# tile set on the diagonal. Hickory Cabinets. Gas Fireplace. Recessed lighting. 2 Balconies. Both bedrooms have walk-in closets.Plantation Shutters. Wood Blinds. Can not close until 12/19/2004.This property sits at the 'high-end' of the development so has more views than other areas. Also, end of quiet cul-de-sac for private, tucked away location. Two community parking spaces in front as well. Boulder outcroppings all around. Spectacular property! Lock the door and go. Carefree lifestyle at it's best!

21. 2004-09-15
    listed $425,000 597-char remark

    Show marketing remark (597 chars)

    Shows fabulously! Wonderful view of Mountains and Golf Course. Granite Counter Tops. 15 1/2# tile set on the diagonal. Hickory Cabinets. Gas Fireplace. Recessed lighting. 2 Balconies. Both bedrooms have walk-in closets.Plantation Shutters. Wood Blinds. Can not close until 12/19/2004.This property sits at the 'high-end' of the development so has more views than other areas. Also, end of quiet cul-de-sac for private, tucked away location. Two community parking spaces in front as well. Boulder outcroppings all around. Spectacular property! Lock the door and go. Carefree lifestyle at it's best!

ⓘ 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: $2,525 · $210/mo
• Projected year-2 tax: $4,455 · $371/mo
• Expected delta: +$1,930/yr (+$161/mo · 76.4%)

ⓘ 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 5/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $66,027
• − Mortgage interest: −$37,810
• − Property taxes: −$2,525
• − Insurance: −$3,375
• − Repairs & maintenance: −$5,282
• − Management: −$5,282
• − HOA: −$6,096
• − Depreciation: −$19,636
• Taxable loss: −$13,980
• Est. tax savings @ 24.0%: +$3,355
• After-tax cash flow: $1,044/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: Cave Creek Unified District (4244)
• NCES district ID: 0400001
• Math proficiency: 57% ▼ -9.00%
• Reading proficiency: 59% ▼ -8.00%
• Median HH income: $102,788
• Composite: 54.46/100
• National rank: #1351
• State rank: #13 of 249 in AZ

Livability — Scottsdale

• Score: 80/100
• State rank: #4
• US rank: #1756

Category grades

Amenities A+ Commute A+ Cost of living F Crime B+ Employment A+ Housing A- Health & safety C- User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Scottsdale, AZ
• County: Maricopa County · 4,537,380 people
• City population: 290,846
• Metro: Phoenix-Mesa-Chandler, AZ
• Population (ZIP): 14,329
• Household income: $177,790
• Rent vs Own: 3.1% rent · 96.9% own
• Severe rent burden: 70.0

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: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 6% Hispanic / Latino 6% Black 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Romanian 5% Portuguese 4% Lithuanian 3%
• Foreign-born: 9% · Canada
• Languages at home: 92% English-only · Spanish 4% 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: ▼ -39.65%
• Current HPI: 286.3814
• Rent YoY: —
• 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

+64.7% since first listed

6 events — show timeline

• 2026-05-08 Price Changed $700,000 ARMLS
• 2026-04-11 Listed $725,000 ARMLS
• 2005-01-06 Sold (MLS) $415,000 ARMLS
• 2005-01-04 Sold (Public Records) $415,000 Public Records
• 2004-10-20 Listing Removed — ARMLS
• 2004-09-15 Listed $425,000 ARMLS

Property tax history

+1.7%/yr

Latest (2025): $2,525 · +0.8% YoY. Source: county tax records.