1219 S Farmer Ave · Tempe, AZ 85281

$1,420,000

35 bd · 49.0 ba · 648 sqft · MultiFamily public records · 69 Days on market

Built 1961 10,688 sqft lot

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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 +28.0/30.0
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 7 units. estimate disagrees with records

Listing remarks

This 7-unit, garden-style apartment property sits in an incredible location, approximately half a mile from ASU's main campus. Additionally, this property boasts proximity to Tempe Town Lake offices, Mill Avenue, the 202 freeway, and Sky Harbor Airport. Location isn't the only desirable characteristic of the Apartments on Farmer, as 5 of 7 units have been thoroughly remodeled in the past 5 years (the other two units are occupied by long-term tenants). Along with interior updates, the property's comprehensive renovation included significant roofing, plumbing, and electrical work, with 4 of 7 units now boasting their own laundry facilities. Six storage rooms also on site. Don't miss out on th

Key facts

• 0.25 acre lot
• 10 parking spots
• Built 1961

Property features AI

Exterior

• Parking: 10 total parking spaces; Open paved parking; More than one space per unit
• Utilities: Electric service by APS with individual meters; Public sewer; Master-metered water with city franchise
• Home design: Fee simple ownership
• Construction: Block construction; Composition and foam roofing
• Exterior features: Painted block construction; Asphalt road access; Three buildings on the property; Lot dimensions approximately 75' x 142.5'; No pool

Interior

• Kitchen: Free-standing range; Refrigerator; Microwave
• Bedrooms: 2-bedroom units (long-term tenant)
• Flooring: Ceramic tile; Vinyl; Other
• Bathrooms: 1 bathroom per 2-bedroom unit
• Heating & cooling: Central air; Individual heating and cooling units; Window/wall units; Two or more HVAC units; Has heating and has cooling
• Interior features: No community pool; Free-Standing Range; Refrigerator; Microwave
• Laundry & utility: Washer and dryer included

What this means for you Summary

Snapshot

• This is a 7 × 5-bed/1-bath units multifamily listed at $1.42M.

Deal economics

• At list price, monthly cash flow is $4k ($53k/yr) — positive. Per door: $633/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $1.42M).
• Recommended offer: $1.33M (6.0% below list) — sets the bar for market timing.
• Cap rate 10.0% vs local median 3.4% in Tempe — 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 78/100 on livability (#10 in AZ, #2,527 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: cost of living C-, health & safety D, crime F.
• Tempe School District (4258) (urban): math 17% / reading 29% proficiency, ranked #170 of 249 in AZ (top 68%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Holdeman Elementary School (math 4% / reading 18%, grade F, #980 of 1,109 statewide, top 89%, 388 students, 88% FRL); Geneva Epps Mosley Middle School (math 6% / reading 14%, grade F, #188 of 218 statewide, top 88%, 755 students, 72% FRL) — zoned schools average 80% FRL vs 57% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 10% at this address vs 23% district-wide (-12 pts) — the specific schools serving this property underperform the Tempe School District (4258) average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-1.7%/yr); 170 active listings in the ZIP; 36,011 units permitted in Maricopa County in 2024 (12,801 in 5+ unit buildings).
• At $18,031/mo this rent would consume 335% of the median local household income ($65k/yr) (locally 5992% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $43k 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 ($1.33M) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 2y ago; this cycle's ask is 129580% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $1.14M; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• 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.

Recommended offer $1,334,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
8. 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.
9. 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.
10. 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: 1.27% ✓
• Cap rate: 10.04%
• Cash-on-cash: 13.37%
• DSCR: 1.60
• GRM: 6.6

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: -0.0%
• Equity multiple: 1.00×
• Total profit: $-446
• Equity at exit: $211,727

10-year hold

• IRR: 6.2%
• Equity multiple: 1.40×
• Total profit: $159,914
• Equity at exit: $122,776

Cash invested: $397,600 (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 85281

• Rents YoY: -1.7%
• Active inventory: 170
• Price-to-rent: 45.9×

Monthly cashflow live

• Estimated rent: $18,031 high
• Mortgage (P&I): −$7,447
• Tax est. 1.5%: −$1,775 /mo · $21,300/yr
• Insurance: −$592
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,787
• Net cashflow: $4,431

Break-even live

Break-even rent $12,422

Max offer price $1,420,000

Occupancy floor 70%

7-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 7× units	5	1	$18,032
Total (7 units)			$18,031

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: $355,000
• Closing costs: $42,600
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-18
   days on market $1,420,000 Active 69 DOM
2. 2026-06-17
   days on market $1,420,000 Active 68 DOM
3. 2026-06-16
   days on market $1,420,000 Active 67 DOM
4. 2026-06-15
   days on market $1,420,000 Active 66 DOM
5. 2026-06-13
   days on market $1,420,000 Active 64 DOM
6. 2026-06-13
   days on market $1,420,000 Active 63 DOM
7. 2026-06-09
   days on market $1,420,000 Active 60 DOM
8. 2026-06-08
   days on market $1,420,000 Active 59 DOM
9. 2026-06-07
   days on market $1,420,000 Active 58 DOM
10. 2026-06-04
    days on market $1,420,000 Active 55 DOM
11. 2026-06-03
    days on market $1,420,000 Active 54 DOM
12. 2026-06-02
    days on market $1,420,000 Active 53 DOM
13. 2026-06-01
    days on market $1,420,000 Active 52 DOM
14. 2026-05-31
    days on market $1,420,000 Active 51 DOM
15. 2026-05-02
    listed $1,095
16. 2026-05-01
    historical $1,095
17. 2026-04-10
    listed $1,420,000 Active
18. 2026-03-24
    listed $1,095
19. 2025-12-02
    historical
20. 2025-11-22
    historical $1,095
21. 2025-10-25
    listed $1,095
22. 2025-07-17
    price $1,470,000
23. 2025-04-18
    listed $1,580,000 Active
24. 2025-04-08
    historical $1,095
25. 2025-03-19
    listed $1,095
26. 2024-12-11
    historical $1,095
27. 2024-11-02
    listed $1,095
28. 2019-05-06
    soldstatus $1,135,000
29. 2019-02-15
    soldstatus $705,000
30. 2011-10-12
    soldstatus $450,000
31. 2001-12-05
    soldstatus $299,000

ⓘ 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 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥111°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $216,372
• − Mortgage interest: −$79,542
• − Property taxes: −$21,300
• − Insurance: −$7,100
• − Repairs & maintenance: −$17,310
• − Management: −$17,310
• − Depreciation: −$41,309
• Taxable income: $32,501
• Est. tax owed @ 24.0%: −$7,800
• After-tax cash flow: $45,374/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: Tempe School District (4258)
• NCES district ID: 0408310
• Math proficiency: 17% ▼ -19.00%
• Reading proficiency: 29% ▼ -10.00%
• Median HH income: $43,112
• Composite: 19.7/100
• National rank: #8721
• State rank: #170 of 249 in AZ

Livability — Tempe

• Score: 78/100
• State rank: #10
• US rank: #2527

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tempe, AZ
• County: Maricopa County · 4,537,380 people
• City population: 193,337
• Metro: Phoenix-Mesa-Chandler, AZ
• Population (ZIP): 72,762
• Household income: $64,538
• Rent vs Own: 76.3% rent · 23.7% own
• Severe rent burden: 5992.0

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 0.69)
• Race & ethnicity: White 48% Hispanic / Latino 24% Two or more races 13% Asian 12% Black 7% Native American 3%
• Hispanic origin (detail): Mexican 19%
• Common ancestry: Romanian 3% Lithuanian 2% Slovak 1%
• Foreign-born: 18% · Canada, China, South Korea
• Languages at home: 72% English-only · Spanish 14% Other Indo-European 5% Chinese 3%

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: ▼ -326.23%
• Current HPI: 330.3564
• Rent YoY: ▼ -1.69%
• 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

-99.6% since first listed

17 events — show timeline

• 2026-05-02 Listed for Rent $1,095 RENTALBEAST
• 2026-05-01 Rental Removed $1,095 RENTALBEAST
• 2026-04-10 Listed $1,420,000 ARMLS
• 2026-03-24 Listed for Rent $1,095 RENTALBEAST
• 2025-12-02 Listing Removed — ARMLS
• 2025-11-22 Rental Removed $1,095 RENTALBEAST
• 2025-10-25 Listed for Rent $1,095 RENTALBEAST
• 2025-07-17 Price Changed $1,470,000 ARMLS
• 2025-04-18 Listed $1,580,000 ARMLS
• 2025-04-08 Rental Removed $1,095 RENTALBEAST
• 2025-03-19 Listed for Rent $1,095 RENTALBEAST
• 2024-12-11 Rental Removed $1,095 RENTALBEAST
• 2024-11-02 Listed for Rent $1,095 RENTALBEAST
• 2019-05-06 Sold (Public Records) $1,135,000 Public Records
• 2019-02-15 Sold (Public Records) $705,000 Public Records
• 2011-10-12 Sold (Public Records) $450,000 Public Records
• 2001-12-05 Sold (Public Records) $299,000 Public Records

Property tax history

-0.2%/yr

Latest (2025): $2,258 · +7.0% YoY. Source: county tax records.