2215 E Hazeltine Way

Gilbert, AZ 85298

$510,000D-

3 bd · 2.0 ba · 1,592 sqft · Built 2014 · SingleFamily · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,676/mo
• Mortgage (P&I): −$2,674
• Tax + insurance: −$366
• HOA: −$104
• Vac / Maint / Mgmt: −$562
• Net cashflow: $-1,030/mo
• Annual: $-12,364/yr
• Cap rate: 3.87%
• Cash-on-cash: -8.66%
• DSCR: 0.61
• 1% rule: 0.52%
• Cash to close: $142,800

Investor read

• This is a 3-bed/2.0-bath single-family listed at $510k.
• At list price, monthly cash flow is $-1k ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $328k (35.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $268k (47.5% below list).
• It's been on market 31 days — a 3% lower offer ($495k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $268k (47.5% below list) — sets the bar for 1% rule.
• In year one you build about $46k of equity ($4k loan paydown + $43k appreciation (8.4% local appreciation)).
• Location reads 87/100 on livability (#1 in AZ, #240 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, employment A+, housing A+; Watch: health & safety C-, cost of living F.
• Chandler Unified District #80 (4242) (suburban): math 49% / reading 57% proficiency, ranked #31 of 249 in AZ (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Charlotte Patterson Elementary (math 60% / reading 71%, grade B+, #92 of 1,109 statewide, top 9%, 851 students, 8% FRL); Willie & Coy Payne Jr. High (math 47% / reading 53%, grade C, #26 of 218 statewide, top 12%, 1,143 students, 11% FRL); Basha High School (math 61% / reading 61%, grade C+, #17 of 381 statewide, top 4%, 2,814 students, 11% FRL) — zoned schools average 10% FRL vs 25% district-wide (15 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+4.3%/yr); 340 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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.
• 3 sale attempts since 3y ago; this cycle's ask is 99900% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• By year 2, paydown + projected appreciation supports a ~$74k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 3.9% vs local median 3.2% in Gilbert — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 31 days. Have you received any prior offers? Is the seller open to a 48% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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?
• 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.