2828 E Chipman Rd · Phoenix, AZ 85040

$519,999

None bd · None ba · 2,749 sqft · MultiFamily public records · 36 Days on market

Built 1984

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Why this score? — see what drove the D 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 +15.7/30.0
• ARV discount +7.5/15.0
• DSCR +4.8/10.0
• Livability +3.8/5.0
• 1% rule +3.2/10.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Remodeled turn key duplex! Enjoy a 3 bed 2 bath home with rental potential from the separate 2 bed 1 bath space, all under one roof. Wonderful floor plan with tile flooring and picture windows. Lovely custom cabinetry in the open concept kitchen. Plush carpeting in the spacious bedrooms. Master has a walk in closet. Newly tiled showers with decorative accents

Key facts

• Ac unit replaced
• Brand new roof
• Stunning new kitchen

Tags

• BRAND NEW ROOF
• UPDATED LIVING SPACE
• STUNNING NEW KITCHEN
• FRESH CARPET
• MOVE IN READY LAYOUT
• AC UNIT REPLACED

Property features AI

Finance

• Other: Single building on the lot

Exterior

• Parking: 4 total parking spaces (open parking)
• Utilities: Electric service: SRP; Public sewer; City franchise water
• Home design: Fee simple ownership
• Construction: Stucco and block construction; Other roof
• Exterior features: Stucco and block construction; Asphalt road access; No community pool

Interior

• Kitchen: Refrigerator; Free-standing electric oven
• Flooring: Tile flooring; Carpet flooring
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Refrigerator; Free-standing electric oven

What this means for you Summary

Snapshot

• This is a 1×3bd/2ba + 1×2bd/1ba units multifamily listed at $520k.

Deal economics

• At list price, monthly cash flow is $231 ($3k/yr) — positive. Per door: $115/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $426k (18.1% below list).
• Recommended offer: $426k (18.1% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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.
• Roosevelt Elementary District (4279) (urban): math 8% / reading 14% proficiency, ranked #234 of 249 in AZ (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents soft (-1.2%/yr); 131 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 36,011 units permitted in Maricopa County in 2024 (12,801 in 5+ unit buildings).
• At $4,259/mo this rent would consume 84% of the median local household income ($61k/yr) (locally 1460% 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 $4k of loan paydown is wiped out by about $16k 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 36 days — a 3% lower offer ($504k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 13y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $184k; list at $520k implies a 183% gain — meaningful room to come down on a strong offer.

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 $425,900 (18.1% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 18% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.82% ✗
• Cap rate: 6.83%
• Cash-on-cash: 1.90%
• DSCR: 1.08
• GRM: 10.2

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: -16.3%
• Equity multiple: 0.44×
• Total profit: $-82,256
• Equity at exit: $77,534

10-year hold

• IRR: -13.7%
• Equity multiple: 0.30×
• Total profit: $-101,813
• Equity at exit: $44,960

Cash invested: $145,600 (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 85040

• Home prices YoY: -28.4%
• Rents YoY: -1.2%
• Active inventory: 131
• Price-to-rent: 19.4×

Monthly cashflow live

• Estimated rent: $4,259 high
• Mortgage (P&I): −$2,727
• Tax from tax record: −$190 /mo · $2,281/yr
• Insurance: −$217
• HOA: −$0
• Vacancy / Maint / Mgmt: −$894
• Net cashflow: $231

Break-even live

Break-even rent $3,967

Max offer price $519,999

Occupancy floor 90%

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

Units	Beds	Baths	Est. rent
1× unit	3	2	$2,234
1× unit	2	1	$2,025
Total (2 units)			$4,259

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: $130,000
• Closing costs: $15,600
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2739 E Tamarisk Ave Apt 2 Phoenix, AZ	2.0	1.0	2880	$1,299	$0.45	1d	1	0.15mi
2739 E Tamarisk Ave Unit 3 Phoenix, AZ	2.0	1.0	2880	$1,750	$0.61	1d	1	0.15mi
2553 E Pueblo Ave Unit 1 Phoenix, AZ	2.0	1.0	2484	$1,000	$0.40	1d	1	0.40mi
2321 E Huntington Dr Phoenix, AZ	3.0	2.5	2000	$2,400	$1.20	1d	1	0.96mi
3131 E Legacy Dr Phoenix, AZ	2.0–3.0	2.0	1730	$2,100	$1.21	2d	3	1.35mi
3131 E Legacy Dr Phoenix, AZ	2.0–3.0	2.0	1795	$2,600	$1.45	1d	2	1.35mi
3131 E Legacy Dr #2038 Phoenix, AZ	3.0	2.0	1795	$5,550	$3.09	2d	1	1.40mi

Listing history 41 events

1. 2026-06-18
   days on market $519,999 Active 36 DOM
2. 2026-06-17
   days on market $519,999 Active 35 DOM
3. 2026-06-16
   days on market $519,999 Active 34 DOM
4. 2026-06-15
   days on market $519,999 Active 33 DOM
5. 2026-06-13
   days on market $519,999 Active 31 DOM
6. 2026-06-13
   days on market $519,999 Active 30 DOM
7. 2026-06-09
   days on market $519,999 Active 27 DOM
8. 2026-06-08
   days on market $519,999 Active 26 DOM
9. 2026-06-07
   days on market $519,999 Active 25 DOM
10. 2026-06-04
    days on market $519,999 Active 22 DOM
11. 2026-06-03
    days on market $519,999 Active 21 DOM
12. 2026-06-02
    days on market $519,999 Active 20 DOM
13. 2026-06-01
    days on market $519,999 Active 19 DOM
14. 2026-05-31
    days on market $519,999 Active 18 DOM
15. 2026-05-14
    status Active
16. 2026-05-12
    historical
17. 2026-05-11
    listed $519,999 Active
18. 2025-11-02
    historical
19. 2025-08-01
    listed $519,999 Active
20. 2017-03-03
    soldstatus $183,800 Closed 361-char remark

    Show marketing remark (361 chars)

    Remodeled turn key duplex! Enjoy a 3 bed 2 bath home with rental potential from the separate 2 bed 1 bath space, all under one roof. Wonderful floor plan with tile flooring and picture windows. Lovely custom cabinetry in the open concept kitchen. Plush carpeting in the spacious bedrooms. Master has a walk in closet. Newly tiled showers with decorative accents

21. 2017-01-28
    status Pending 361-char remark

    Show marketing remark (361 chars)

    Remodeled turn key duplex! Enjoy a 3 bed 2 bath home with rental potential from the separate 2 bed 1 bath space, all under one roof. Wonderful floor plan with tile flooring and picture windows. Lovely custom cabinetry in the open concept kitchen. Plush carpeting in the spacious bedrooms. Master has a walk in closet. Newly tiled showers with decorative accents

22. 2017-01-26
    listed $178,800 Active 361-char remark

    Show marketing remark (361 chars)

    Remodeled turn key duplex! Enjoy a 3 bed 2 bath home with rental potential from the separate 2 bed 1 bath space, all under one roof. Wonderful floor plan with tile flooring and picture windows. Lovely custom cabinetry in the open concept kitchen. Plush carpeting in the spacious bedrooms. Master has a walk in closet. Newly tiled showers with decorative accents

23. 2017-01-25
    historical
24. 2016-12-30
    price $178,800
25. 2016-12-01
    price $179,000
26. 2016-10-17
    price $189,000
27. 2016-10-09
    listed $199,000 Active
28. 2016-09-22
    historical
29. 2016-09-13
    price $199,900
30. 2016-09-02
    price $209,900
31. 2016-08-25
    price $219,900
32. 2016-08-16
    listed $229,900 Active
33. 2015-11-30
    soldstatus $37,000
34. 2014-04-17
    historical
35. 2014-04-11
    listed $49,900 Active
36. 2013-10-10
    historical
37. 2013-08-17
    price $67,900
38. 2013-08-13
    listed $69,900 Active
39. 2012-09-11
    soldstatus $43,500
40. 1998-02-02
    soldstatus $48,500
41. 1996-01-09
    soldstatus $80,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast AZ · Resets to sale price

• Current annual tax: $2,281 · $190/mo
• Projected year-2 tax: $3,432 · $286/mo
• Expected delta: +$1,151/yr (+$96/mo · 50.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 ≥112°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $51,108
• − Mortgage interest: −$29,128
• − Property taxes: −$2,281
• − Insurance: −$2,600
• − Repairs & maintenance: −$4,089
• − Management: −$4,089
• − Depreciation: −$15,127
• Taxable loss: −$6,206
• Est. tax savings @ 24.0%: +$1,489
• After-tax cash flow: $4,260/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: Roosevelt Elementary District (4279)
• NCES district ID: 0407080
• Math proficiency: 8% ▼ -13.00%
• Reading proficiency: 14% ▼ -8.00%
• Median HH income: $42,813
• Composite: 9.74/100
• National rank: #9829
• State rank: #234 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): 34,117
• Household income: $60,727
• Rent vs Own: 52.1% rent · 47.9% own
• Severe rent burden: 1460.0

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 0.55)
• Race & ethnicity: Hispanic / Latino 64% Two or more races 28% Black 16% White 13% Native American 4% Asian 3%
• Hispanic origin (detail): Mexican 58% Puerto Rican 1%
• Common ancestry: Romanian 1% Italian 1% Lithuanian 1%
• Foreign-born: 23% · Canada, South Korea
• Languages at home: 51% English-only · Spanish 45% Other Indo-European 1% Tagalog/Filipino 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: ▼ -158.81%
• Current HPI: 401.3438
• Rent YoY: ▼ -1.21%
• 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

+550.0% since first listed

27 events — show timeline

• 2026-05-14 Relisted — ARMLS
• 2026-05-12 Listing Removed — ARMLS
• 2026-05-11 Listed $519,999 ARMLS
• 2025-11-02 Listing Removed — ARMLS
• 2025-08-01 Listed $519,999 ARMLS
• 2017-03-03 Sold (MLS) $183,800 ARMLS
• 2017-01-28 Pending — ARMLS
• 2017-01-26 Listed $178,800 ARMLS
• 2017-01-25 Listing Removed — ARMLS
• 2016-12-30 Price Changed $178,800 ARMLS
• 2016-12-01 Price Changed $179,000 ARMLS
• 2016-10-17 Price Changed $189,000 ARMLS
• 2016-10-09 Listed $199,000 ARMLS
• 2016-09-22 Listing Removed — ARMLS
• 2016-09-13 Price Changed $199,900 ARMLS
• 2016-09-02 Price Changed $209,900 ARMLS
• 2016-08-25 Price Changed $219,900 ARMLS
• 2016-08-16 Listed $229,900 ARMLS
• 2015-11-30 Sold (Public Records) $37,000 Public Records
• 2014-04-17 Listing Removed — ARMLS
• 2014-04-11 Listed $49,900 ARMLS
• 2013-10-10 Listing Removed — ARMLS
• 2013-08-17 Price Changed $67,900 ARMLS
• 2013-08-13 Listed $69,900 ARMLS
• 2012-09-11 Sold (Public Records) $43,500 Public Records
• 1998-02-02 Sold (Public Records) $48,500 Public Records
• 1996-01-09 Sold (Public Records) $80,000 Public Records

Property tax history

+0.4%/yr

Latest (2025): $2,281 · +2.6% YoY. Source: county tax records.