920 N 82nd St Unit H108

Scottsdale, AZ 85257

$125,000C+

2 bd · 1.0 ba · 800 sqft · Built 1962 · Condo · Active · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,738/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$208
• HOA: −$364
• Vac / Maint / Mgmt: −$365
• Net cashflow: $145/mo
• Annual: $1,740/yr
• Cap rate: 7.69%
• Cash-on-cash: 4.97%
• DSCR: 1.22
• 1% rule: 1.39%
• Cash to close: $35,000

Investor read

• This is a 2-bed/1.0-bath condo listed at $125k. Condition is rated fair.
• At list price, monthly cash flow is $145 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• It's been on market 40 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $121k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k 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: Hohokam Elementary School (math 52% / reading 57%, grade C, #208 of 1,109 statewide, top 19%, 441 students, 67% FRL); Tonalea Middle School (math 16% / reading 32%, grade F, #109 of 218 statewide, top 51%, 442 students, 77% FRL); Coronado High School (math 8% / reading 12%, grade F, #343 of 381 statewide, top 93%, 740 students, 64% FRL) — zoned schools average 69% FRL vs 21% district-wide (48 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 29% at this address vs 54% district-wide (-25 pts) — the specific schools serving this property underperform the Scottsdale Unified District (4240) average; the district grade overstates school quality for this exact location.
• Watch-outs: HOA is 21% of rent.
• Market conditions: Rents rising (+2.8%/yr); 269 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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.
• Climate carrying-cost: extreme-heat days projected 6→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.7% 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.

Questions for listing agent

• It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1962 — 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?
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: Kitchen cabinets — Appears dated and in need of updating
• Minor: Bathroom shower curtain — Dirty and outdated
• Minor: Bathroom fixtures — Likely outdated and in need of cleaning