4630 N 68th St #265

Scottsdale, AZ 85251

$225,000C+

2 bd · 2.0 ba · 986 sqft · Built 1974 · Condo · Active · 408 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,700/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$138
• HOA: −$450
• Vac / Maint / Mgmt: −$567
• Net cashflow: $365/mo
• Annual: $4,380/yr
• Cap rate: 8.24%
• Cash-on-cash: 6.95%
• DSCR: 1.31
• 1% rule: 1.20%
• Cash to close: $63,000

Investor read

• This is a 2-bed/2.0-bath condo listed at $225k.
• At list price, monthly cash flow is $365 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• It's been on market 408 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• 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.
• Scottsdale Unified District (4240) (urban): math 53% / reading 55% proficiency, ranked #30 of 249 in AZ (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Cheyenne Traditional School (math 78% / reading 75%, grade A, #24 of 1,109 statewide, top 2%, 880 students, 4% FRL); Ingleside Middle School (math 46% / reading 50%, grade C-, #35 of 218 statewide, top 16%, 777 students, 40% FRL); Arcadia High School (math 29% / reading 34%, grade F, #109 of 381 statewide, top 29%, 1,602 students, 30% FRL) — zoned schools at 25% FRL track the district average.
• Market conditions: Rents soft (-1.6%/yr); 584 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).
• Maricopa County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts; this cycle's ask has dropped $64k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $27k; list at $225k implies a 729% gain — meaningful room to come down on a strong offer.
• 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.
• Cap rate 8.2% 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.
• This rent runs 35% of the median local income ($93k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 408 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.
• 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?
• 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.