1231 N Oleander St · Tempe, AZ 85288

$1,200,000

45 bd · 25.0 ba · 1,896 sqft · MultiFamily public records · 154 Days on market

Built 1958

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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 +12.1/30.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• DSCR +3.6/10.0
• 1% rule +3.5/10.0
• Rent growth +2.9/5.0
• Appreciation +2.7/10.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 5 units. estimate disagrees with records

Listing remarks

Price Drop $95,000!! Turnkey 5-Unit Investment Near ASU & Old Town Scottsdale. Fully renovated in 2019 with near-zero vacancy in a high-demand rental market. Unit mix includes four 2BD/1BA units and one 1BD/1BA unit, each featuring updated interiors, vinyl flooring, modern cabinetry, granite countertops, dual-pane windows, new A/C systems, and upgraded security doors. Large private gated patios enhance tenant appeal. Low-maintenance asset offering stable cash flow and long-term appreciation potential.

Key facts

• 7 parking spots
• Built 1958
• Listed 154 days

Property features AI

Exterior

• Parking: 7 total parking spaces; 5 covered spaces; 2 open spaces; Paved and on-street parking available; Assigned spaces; Approximately 1 space per unit
• Utilities: Individual water meter; APS electric service; Public sewer
• Home design: Fee simple ownership; Two buildings on the property
• Construction: Wood frame, painted, block and brick construction; Foam roof
• Exterior features: Asphalt and dirt road access; No community pool

Interior

• Kitchen: Dishwasher; Disposal; Refrigerator; Free-standing gas oven; Microwave
• Bedrooms: Some units are 2-bedroom
• Flooring: Vinyl flooring
• Bathrooms: Units with 1 bathroom
• Heating & cooling: Electric heating; Central air; Ceiling fans; Electric cooling; Multiple (2 or more) cooling units
• Interior features: Disposal; Dishwasher; Refrigerator; Free-standing gas oven; Microwave

What this means for you Summary

Snapshot

• This is a 5 × 9-bed/5.0-bath units multifamily listed at $1.20M.

Deal economics

• At list price, monthly cash flow is $-258 ($-3k/yr) — negative. Per door: $-52/mo.
• To cash-flow at today's rent, offer at most $1.16M (3.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.02M (15.2% below list).
• Recommended offer: $1.02M (15.2% below list) — sets the bar for 1% rule.
• Cap rate 6.0% 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: Cecil Shamley School (math 9% / reading 23%, grade F, #854 of 1,109 statewide, top 78%, 549 students, 85% FRL); Mckemy Academy of International Studies (math 24% / reading 49%, grade F, #61 of 218 statewide, top 28%, 334 students, 36% FRL) — zoned schools at 60% FRL track the district average.
• Market conditions: Rents rising (+1.7%/yr); 105 active listings in the ZIP; 36,011 units permitted in Maricopa County in 2024 (12,801 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $36k 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 154 days — a 12% lower offer ($1.06M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y ago; this cycle's ask has dropped $95k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $855k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• 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 $1,017,100 (15.2% below list)

Questions for the listing agent

1. 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?
2. It's been on market 154 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.85% ✗
• Cap rate: 6.04%
• Cash-on-cash: -0.92%
• DSCR: 0.96
• GRM: 9.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.66% rent growth · sell at horizon

5-year hold

• IRR: -19.3%
• Equity multiple: 0.33×
• Total profit: $-224,253
• Equity at exit: $178,924

10-year hold

• IRR: -15.0%
• Equity multiple: 0.20×
• Total profit: $-269,853
• Equity at exit: $103,754

Cash invested: $336,000 (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 85288

• Home prices YoY: -0.7%
• Rents YoY: 1.7%
• Active inventory: 105
• Price-to-rent: 49.2×

Monthly cashflow live

• Estimated rent: $10,171 medium
• Mortgage (P&I): −$6,293
• Tax est. 1.5%: −$1,500 /mo · $18,000/yr
• Insurance: −$500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,136
• Net cashflow: $-258

Break-even live

Break-even rent $10,497

Max offer price $1,162,690

Occupancy floor 98%

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

Units	Beds	Baths	Est. rent
▸ 5× units	9	5	$10,170
Total (5 units)			$10,171

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: $300,000
• Closing costs: $36,000
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-03-25
   price $1,200,000
2. 2025-12-23
   listed $1,295,000 Active
3. 2020-01-10
   soldstatus $855,000
4. 2019-02-26
   soldstatus $505,000
5. 2019-01-30
   historical
6. 2019-01-28
   listed $525,000
7. 1995-08-02
   soldstatus $110,000
8. 1991-10-31
   soldstatus $110,000

ⓘ 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 ≥112°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: $122,052
• − Mortgage interest: −$67,219
• − Property taxes: −$18,000
• − Insurance: −$6,000
• − Repairs & maintenance: −$9,764
• − Management: −$9,764
• − Depreciation: −$34,909
• Taxable loss: −$23,604
• Est. tax savings @ 24.0%: +$5,665
• After-tax cash flow: $2,571/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 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%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: ▼ -4.56%
• Current HPI: 693.23
• Rent YoY: ▲ 1.66%
• 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

+990.9% since first listed

8 events — show timeline

• 2026-03-25 Price Changed $1,200,000 ARMLS
• 2025-12-23 Listed $1,295,000 ARMLS
• 2020-01-10 Sold (Public Records) $855,000 Public Records
• 2019-02-26 Sold (Public Records) $505,000 Public Records
• 2019-01-30 Listing Removed — ARMLS
• 2019-01-28 Listed $525,000 ARMLS
• 1995-08-02 Sold (Public Records) $110,000 Public Records
• 1991-10-31 Sold (Public Records) $110,000 Public Records

Property tax history

+0.5%/yr

Latest (2025): $1,363 · +7.0% YoY. Source: county tax records.