18202 Cave Creek Rd Unit 5 units · Phoenix, AZ 85032

$700,000

5 bd · 5.0 ba · — sqft · MultiFamily · 615 Days on market

Built 1983 Good condition Est $613k · 14% over ↓ 15% since listing

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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 +26.3/30.0
• DSCR +8.9/10.0
• 1% rule +7.0/10.0
• Condition / age +4.0/5.0
• Schools +3.8/10.0
• Livability +3.8/5.0
• Rent growth +2.1/5.0
• ARV discount +1.1/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This exclusive property package is perfect for both seasoned investors looking to expand their portfolio and newcomers wanting to start their investment journey. The selection of 5 fully renovated 2 bed (1 bedroom+den) units offers a great opportunity for investors of all levels to enter the real estate market or diversify their existing portfolio. With a strong history of occupancy and the potential to increase rental income, these units provide a stable and reliable income stream. The convenient location and amenities make these units highly desirable for tenants, ensuring a steady flow of rental income for investors. Whether you're just starting out or looking to grow your investment portfolio, this property package offers a smart and lucrative opportunity for investors of all levels.

Key facts

• Convenient location
• 5 parking spots
• Pool

Tags

• FULLY RENOVATED UNITS
• CONVENIENT LOCATION

What this means for you Summary

Snapshot

• This is a 5-bed/5.0-bath multifamily listed at $700k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $700k).
• Recommended offer: $616k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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.

Location & tenants

• 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.
• Paradise Valley Unified District (4241) (urban): math 39% / reading 46% proficiency, ranked #56 of 249 in AZ (top 22%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-1.5%/yr); 337 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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).
• At $8,414/mo this rent would consume 128% of the median local household income ($79k/yr) (locally 2887% 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 $5k of loan paydown is wiped out by about $21k 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 615 days — a 12% lower offer ($616k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $125k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 5→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $616,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 615 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.20% ✓
• Cap rate: 9.39%
• Cash-on-cash: 11.08%
• DSCR: 1.49
• GRM: 6.9

CMA / ARV

• ARV (median comp): $613,353
• List price: $700,000
• Delta: 14.13%
• Verdict: OVERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -3.2%
• Equity multiple: 0.88×
• Total profit: $-22,712
• Equity at exit: $104,372

10-year hold

• IRR: 2.8%
• Equity multiple: 1.17×
• Total profit: $33,846
• Equity at exit: $60,523

Cash invested: $196,000 (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 85032

• Rents YoY: -1.5%
• Active inventory: 337
• Price-to-rent: 33.4×

Monthly cashflow live

• Estimated rent: $8,414 high
• Mortgage (P&I): −$3,671
• Tax est. 1.5%: −$875 /mo · $10,500/yr
• Insurance: −$292
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,767
• Net cashflow: $1,810

Break-even live

Break-even rent $6,123

Max offer price $700,000

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,984
1× unit	1	1	$1,429
Total (5 units)			$8,414

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: $175,000
• Closing costs: $21,000
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17833 N 26th St Phoenix, AZ	4.0	2.0	1220	$2,397	$1.96	1d	1	0.39mi
1935 E Campo Bello Dr Phoenix, AZ	5.0	2.0	1904	$2,395	$1.26	24d	1	0.73mi
18626 N 29th Pl Phoenix, AZ	4.0	2.0	1600	$2,995	$1.87	8d	1	0.77mi
17640 N 17th St Phoenix, AZ	4.0	2.5	2352	$2,800	$1.19	24d	1	0.86mi
19460 N 27th Pl Phoenix, AZ	4.0	2.0	1598	$3,300	$2.07	44d	1	0.91mi
19532 N 27th Pl Phoenix, AZ	5.0	3.5	2033	$3,200	$1.57	15d	1	0.97mi
18031 N 15th Pl Phoenix, AZ	4.0	2.5	2329	$3,500	$1.50	3d	1	0.97mi
2104 E Behrend Dr Phoenix, AZ	4.0	2.5	2070	$2,975	$1.44	3d	1	1.01mi
17226 N 17th St Phoenix, AZ	4.0	2.0	2650	$2,600	$0.98	5d	1	1.02mi
1510 E Charleston Ave Phoenix, AZ	4.0	2.5	2329	$2,795	$1.20	8d	1	1.03mi
2022 E Wahalla Ln Phoenix, AZ	5.0	3.0	2178	$3,500	$1.61	24d	1	1.10mi
19246 N 31st St Phoenix, AZ	4.0	2.0	1370	$2,375	$1.73	8d	1	1.17mi
20053 N 21st Pl Phoenix, AZ	4.0	2.0	1754	$3,300	$1.88	24d	1	1.20mi
16227 N 21st St Phoenix, AZ	5.0	3.0	2600	$2,949	$1.13	15d	1	1.24mi
2220 E Beardsley Rd Phoenix, AZ	4.0	1.0–2.0	855	$2,233	$2.61	3d	62	1.27mi
1615 E Aire Libre Ave Phoenix, AZ	4.0	2.5	2500	$2,400	$0.96	24d	1	1.38mi
16825 N 14th St #49 Phoenix, AZ	4.0	3.0	1787	$2,175	$1.22	4d	1	1.47mi
2248 E Ottawa Ln Phoenix, AZ	5.0	4.5	3063	$4,000	$1.31	44d	1	1.50mi

Listing history 19 events

1. 2026-06-18
   days on market $700,000 Active 615 DOM
2. 2026-06-17
   days on market $700,000 Active 614 DOM
3. 2026-06-16
   days on market $700,000 Active 613 DOM
4. 2026-06-15
   days on market $700,000 Active 612 DOM
5. 2026-06-13
   days on market $700,000 Active 610 DOM
6. 2026-06-13
   days on market $700,000 Active 609 DOM
7. 2026-06-09
   days on market $700,000 Active 606 DOM
8. 2026-06-08
   days on market $700,000 Active 605 DOM
9. 2026-06-07
   days on market $700,000 Active 604 DOM
10. 2026-06-04
    days on market $700,000 Active 601 DOM
11. 2026-06-03
    days on market $700,000 Active 600 DOM
12. 2026-06-02
    days on market $700,000 Active 599 DOM
13. 2026-06-01
    days on market $700,000 Active 598 DOM
14. 2026-05-31
    days on market $700,000 Active 597 DOM
15. 2025-10-10
    status Active 798-char remark

    Show marketing remark (798 chars)

    This exclusive property package is perfect for both seasoned investors looking to expand their portfolio and newcomers wanting to start their investment journey. The selection of 5 fully renovated 2 bed (1 bedroom+den) units offers a great opportunity for investors of all levels to enter the real estate market or diversify their existing portfolio. With a strong history of occupancy and the potential to increase rental income, these units provide a stable and reliable income stream. The convenient location and amenities make these units highly desirable for tenants, ensuring a steady flow of rental income for investors. Whether you're just starting out or looking to grow your investment portfolio, this property package offers a smart and lucrative opportunity for investors of all levels.

16. 2025-10-10
    historical 798-char remark

    Show marketing remark (798 chars)

    This exclusive property package is perfect for both seasoned investors looking to expand their portfolio and newcomers wanting to start their investment journey. The selection of 5 fully renovated 2 bed (1 bedroom+den) units offers a great opportunity for investors of all levels to enter the real estate market or diversify their existing portfolio. With a strong history of occupancy and the potential to increase rental income, these units provide a stable and reliable income stream. The convenient location and amenities make these units highly desirable for tenants, ensuring a steady flow of rental income for investors. Whether you're just starting out or looking to grow your investment portfolio, this property package offers a smart and lucrative opportunity for investors of all levels.

17. 2025-06-13
    price $700,000 798-char remark

    Show marketing remark (798 chars)

    This exclusive property package is perfect for both seasoned investors looking to expand their portfolio and newcomers wanting to start their investment journey. The selection of 5 fully renovated 2 bed (1 bedroom+den) units offers a great opportunity for investors of all levels to enter the real estate market or diversify their existing portfolio. With a strong history of occupancy and the potential to increase rental income, these units provide a stable and reliable income stream. The convenient location and amenities make these units highly desirable for tenants, ensuring a steady flow of rental income for investors. Whether you're just starting out or looking to grow your investment portfolio, this property package offers a smart and lucrative opportunity for investors of all levels.

18. 2025-03-07
    price $800,000 798-char remark

    Show marketing remark (798 chars)

    This exclusive property package is perfect for both seasoned investors looking to expand their portfolio and newcomers wanting to start their investment journey. The selection of 5 fully renovated 2 bed (1 bedroom+den) units offers a great opportunity for investors of all levels to enter the real estate market or diversify their existing portfolio. With a strong history of occupancy and the potential to increase rental income, these units provide a stable and reliable income stream. The convenient location and amenities make these units highly desirable for tenants, ensuring a steady flow of rental income for investors. Whether you're just starting out or looking to grow your investment portfolio, this property package offers a smart and lucrative opportunity for investors of all levels.

19. 2024-10-09
    listed $825,000 Active 798-char remark

    Show marketing remark (798 chars)

    This exclusive property package is perfect for both seasoned investors looking to expand their portfolio and newcomers wanting to start their investment journey. The selection of 5 fully renovated 2 bed (1 bedroom+den) units offers a great opportunity for investors of all levels to enter the real estate market or diversify their existing portfolio. With a strong history of occupancy and the potential to increase rental income, these units provide a stable and reliable income stream. The convenient location and amenities make these units highly desirable for tenants, ensuring a steady flow of rental income for investors. Whether you're just starting out or looking to grow your investment portfolio, this property package offers a smart and lucrative opportunity for investors of all levels.

ⓘ 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 4/10 Moderate
• 🌡 Heat 8/10 Severe 5 d/yr ≥110°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $100,968
• − Mortgage interest: −$39,211
• − Property taxes: −$10,500
• − Insurance: −$3,500
• − Repairs & maintenance: −$8,077
• − Management: −$8,077
• − Depreciation: −$20,364
• Taxable income: $11,239
• Est. tax owed @ 24.0%: −$2,697
• After-tax cash flow: $19,017/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.

Condition & rehab AI · 13 photos

Good 80/100 Cosmetic rehab

This multi-family property is in good condition with cosmetic updates needed. It offers a great opportunity for investors looking to diversify their portfolio.

Value-add opportunities

• Both Painting exterior walls — Enhances curb appeal and resale value
• Both Landscaping and curb appeal improvements — Improves curb appeal and rental value
• Both Upgrading window treatments — Enhances curb appeal and rental value
• Both Upgrading flooring in common areas — Enhances curb appeal and rental value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior walls — Enhances curb appeal and resale value ↑
• Both Landscaping and curb appeal improvements — Improves curb appeal and rental value ↑
• Both Upgrading window treatments — Enhances curb appeal and rental value ↑
• Both Upgrading flooring in common areas — Enhances curb appeal and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Paradise Valley Unified District (4241)
• NCES district ID: 0405930
• Math proficiency: 39% ▼ -11.00%
• Reading proficiency: 46% ▼ -7.00%
• Median HH income: $64,106
• Composite: 37.89/100
• National rank: #4316
• State rank: #56 of 249 in AZ

Livability — Phoenix

• Score: 75/100
• State rank: #16
• US rank: #3924

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Phoenix, AZ
• County: Maricopa County · 4,537,380 people
• City population: 1,500,198
• Metro: Phoenix-Mesa-Chandler, AZ
• Population (ZIP): 70,839
• Household income: $78,643
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 2887.0

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 0.57)
• Race & ethnicity: White 59% Hispanic / Latino 29% Two or more races 17% Asian 4% Black 3% Native American 2%
• Hispanic origin (detail): Mexican 25%
• Common ancestry: Romanian 2% Slovak 2% Portuguese 2%
• Foreign-born: 18% · Canada, China
• Languages at home: 71% English-only · Spanish 21% Russian/Polish/Slavic 2% Other Indo-European 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: ▼ -488.65%
• Current HPI: 339.4181
• Rent YoY: ▼ -1.46%
• 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

-15.2% since first listed

5 events — show timeline

• 2025-10-10 Relisted — ARMLS
• 2025-10-10 Listing Removed — ARMLS
• 2025-06-13 Price Changed $700,000 ARMLS
• 2025-03-07 Price Changed $800,000 ARMLS
• 2024-10-09 Listed $825,000 ARMLS