320 E Hatcher Rd

Phoenix, AZ 85020

$674,900B

None bd · None ba · — sqft · Built 2026 · MultiFamily · Active · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $24,394/mo
• Mortgage (P&I): −$3,539
• Tax + insurance: −$1,125
• HOA: −$0
• Vac / Maint / Mgmt: −$5,123
• Net cashflow: $14,607/mo
• Annual: $175,286/yr
• Cap rate: 32.27%
• Cash-on-cash: 92.76%
• DSCR: 5.13
• 1% rule: 3.61%
• Cash to close: $188,972

Investor read

• This is a 4×3bd/2ba + 6×2bd/2ba + 10×1bd/1ba units multifamily listed at $675k. Condition is rated excellent.
• At list price, monthly cash flow is $15k ($175k/yr) — positive. Per door: $730/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($24k rent vs $675k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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.
• Glendale Union High School District (4285) (urban): math 23% / reading 31% proficiency, ranked #130 of 249 in AZ (top 52%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Sunnyslope High School (math 32% / reading 41%, grade F, #88 of 381 statewide, top 24%, 2,281 students, 41% FRL).
• Market conditions: Rents soft (-1.8%/yr); 288 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $189k cash investment doubles in ~2 years — after that, you're playing with house money.
• 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.
• Cap rate 32.3% 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.
• At $24,394/mo this rent would consume 350% of the median local household income ($84k/yr) (locally 2104% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• 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.
• 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.
• 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.