3491 N Arizona Ave #146 · Chandler, AZ 85225

$185,000

1 bd · 1.0 ba · 550 sqft · Condo public records · 189 Days on market

Built 1985 $336/sqft · 10% below area Est $207k · 10% under $203/mo HOA · 12% of rent

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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 +15.0/30.0
• ARV discount +12.2/15.0
• DSCR +4.6/10.0
• Schools +4.6/10.0
• 1% rule +4.3/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fantastic opportunity to own this charming apartment in Discovery at Daybreak! Step into a serene living room featuring vaulted ceilings, a soothing color palette, warm wood-look flooring, and a cozy fireplace perfect for relaxing evenings. The well-appointed kitchen offers quartz countertops, white shaker cabinets with crown molding, a stylish tile backsplash, stainless steel appliances, a stacked washer and dryer, and a peninsula with a breakfast bar for casual dining. The bedroom provides double built-in closets and direct access to the private balcony. Enjoy peaceful evenings outdoors, complete with additional storage and tranquil neighborhood views. The community offers beautifully maintained greenbelts, a refreshing pool, and more. Don't miss out on this wonderful home!

Key facts

• Quartz countertops
• Private balcony
• Vaulted ceilings

Tags

• VAULTED CEILINGS
• QUARTZ COUNTERTOPS
• WHITE SHAKER CABINETS
• TILE BACKSPLASH
• STAINLESS STEEL APPLIANCES
• PRIVATE BALCONY

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $185k.

Deal economics

• At list price, monthly cash flow is $59 ($705/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $172k (7.2% below list).
• Recommended offer: $163k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.7% vs local median 3.3% in Chandler — 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 (#9 in AZ, #2,508 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: health & safety D, cost of living D-.
• Gilbert Unified District (4239) (suburban): math 49% / reading 52% proficiency, ranked #38 of 249 in AZ (top 15%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Market conditions: Rents soft (-1.7%/yr); 182 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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 $1k of loan paydown is wiped out by about $6k 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 189 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 27y ago; this cycle's ask has dropped $40k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $58k; list at $185k implies a 221% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $162,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 189 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-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?
7. 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?
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: 0.93% ✗
• Cap rate: 6.67%
• Cash-on-cash: 1.36%
• DSCR: 1.06
• GRM: 9.0

CMA / ARV

• ARV (median comp): $206,530
• List price: $185,000
• Delta: -10.42%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -17.6%
• Equity multiple: 0.40×
• Total profit: $-31,229
• Equity at exit: $27,584

10-year hold

• IRR: -16.8%
• Equity multiple: 0.20×
• Total profit: $-41,661
• Equity at exit: $15,995

Cash invested: $51,800 (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 85225

• Home prices YoY: -28.1%
• Rents YoY: -1.7%
• Active inventory: 182
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,716 high
• Mortgage (P&I): −$970
• Tax from tax record: −$47 /mo · $561/yr
• Insurance: −$77
• HOA: −$203
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $59

Break-even live

Break-even rent $1,642

Max offer price $185,000

Occupancy floor 92%

Sensitivity live

Price	-10% $163	-5% $111	+0% $59	+5% $6	+10% $-46
Rent	-10% $-77	-5% $-9	+0% $59	+5% $127	+10% $194
Rate	-1.0pp $152	-0.5pp $106	base $59	+0.5pp $11	+1.0pp $-38

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3033 N Arizona Ave Chandler, AZ	2.0	1.0–3.0	944	$2,010	$2.13	2d	230	0.38mi
80 N McQueen Rd Gilbert, AZ	3.0	1.0–3.0	1086	$2,059	$1.90	1d	21	0.86mi
80 N McQueen Rd Gilbert, AZ	3.0	1.0–3.0	1086	$2,095	$1.93	24d	21	0.86mi
123 E Corporate Pl Chandler, AZ	1.0–3.0	1.0–2.0	1285	$1,634	$1.27	5d	91	1.07mi
1225 N Arizona Ave Gilbert, AZ	1.0–3.0	1.0–2.0	1051	$1,632	$1.55	3d	93	1.08mi
1333 W Guadalupe Rd Gilbert, AZ	1.0–3.0	1.0–2.0	998	$1,474	$1.48	3d	15	1.31mi
300 E Warner Rd Chandler, AZ	1.0–3.0	1.0–2.0	1030	$1,275	$1.24	3d	28	1.40mi

HOA detail condo

• Monthly dues: $203 · $2,436/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-18
   days on market $185,000 Active 189 DOM
2. 2026-06-17
   days on market $185,000 Active 188 DOM
3. 2026-06-16
   days on market $185,000 Active 187 DOM
4. 2026-06-15
   days on market $185,000 Active 186 DOM
5. 2026-06-13
   days on market $185,000 Active 184 DOM
6. 2026-06-10
   price $185,000 Active 180 DOM
7. 2026-06-09
   days on market $195,000 Active 180 DOM
8. 2026-06-08
   days on market $195,000 Active 179 DOM
9. 2026-06-07
   days on market $195,000 Active 178 DOM
10. 2026-06-04
    days on market $195,000 Active 175 DOM
11. 2026-06-03
    days on market $195,000 Active 174 DOM
12. 2026-06-02
    days on market $195,000 Active 173 DOM
13. 2026-06-01
    days on market $195,000 Active 172 DOM
14. 2026-05-31
    days on market $195,000 Active 171 DOM
15. 2026-04-19
    price $195,000 792-char remark

    Show marketing remark (792 chars)

    Fantastic opportunity to own this charming apartment in Discovery at Daybreak! Step into a serene living room featuring vaulted ceilings, a soothing color palette, warm wood-look flooring, and a cozy fireplace perfect for relaxing evenings. The well-appointed kitchen offers quartz countertops, white shaker cabinets with crown molding, a stylish tile backsplash, stainless steel appliances, a stacked washer and dryer, and a peninsula with a breakfast bar for casual dining. The bedroom provides double built-in closets and direct access to the private balcony. Enjoy peaceful evenings outdoors, complete with additional storage and tranquil neighborhood views. The community offers beautifully maintained greenbelts, a refreshing pool, and more. Don't miss out on this wonderful home!

16. 2026-02-17
    price $210,000 792-char remark

    Show marketing remark (792 chars)

    Fantastic opportunity to own this charming apartment in Discovery at Daybreak! Step into a serene living room featuring vaulted ceilings, a soothing color palette, warm wood-look flooring, and a cozy fireplace perfect for relaxing evenings. The well-appointed kitchen offers quartz countertops, white shaker cabinets with crown molding, a stylish tile backsplash, stainless steel appliances, a stacked washer and dryer, and a peninsula with a breakfast bar for casual dining. The bedroom provides double built-in closets and direct access to the private balcony. Enjoy peaceful evenings outdoors, complete with additional storage and tranquil neighborhood views. The community offers beautifully maintained greenbelts, a refreshing pool, and more. Don't miss out on this wonderful home!

17. 2025-12-11
    listed $225,000 Active 792-char remark

    Show marketing remark (792 chars)

    Fantastic opportunity to own this charming apartment in Discovery at Daybreak! Step into a serene living room featuring vaulted ceilings, a soothing color palette, warm wood-look flooring, and a cozy fireplace perfect for relaxing evenings. The well-appointed kitchen offers quartz countertops, white shaker cabinets with crown molding, a stylish tile backsplash, stainless steel appliances, a stacked washer and dryer, and a peninsula with a breakfast bar for casual dining. The bedroom provides double built-in closets and direct access to the private balcony. Enjoy peaceful evenings outdoors, complete with additional storage and tranquil neighborhood views. The community offers beautifully maintained greenbelts, a refreshing pool, and more. Don't miss out on this wonderful home!

18. 2018-05-09
    soldstatus $57,650
19. 2018-05-09
    soldstatus $57,650
20. 2000-01-28
    soldstatus $50,000
21. 2000-01-04
    soldstatus $50,000 321-char remark

    Show marketing remark (321 chars)

    CLEAN AND NEAT VERY NICE 1 BEDROOM, 1 BATH TOWNHOME PERFECT FOR SINGLE PERSON OR WINTER VISITOR PROPERTY INCLUDES VAULTED CEILINGS, CEILING FANS, SUN SCREENS, STACKABLE WASHER/DRYER, MICROWAVE, REFRIGERATOR, RANGE/OVEN, COVERED BALCONY OFF MASTER BEDROOM, LARGE FAMILY ROOM WITH FIREPLACE. PLEASE USE CATHY HALEY AZ TITLE

22. 1999-12-23
    listed $50,000 321-char remark

    Show marketing remark (321 chars)

    CLEAN AND NEAT VERY NICE 1 BEDROOM, 1 BATH TOWNHOME PERFECT FOR SINGLE PERSON OR WINTER VISITOR PROPERTY INCLUDES VAULTED CEILINGS, CEILING FANS, SUN SCREENS, STACKABLE WASHER/DRYER, MICROWAVE, REFRIGERATOR, RANGE/OVEN, COVERED BALCONY OFF MASTER BEDROOM, LARGE FAMILY ROOM WITH FIREPLACE. PLEASE USE CATHY HALEY AZ TITLE

23. 1997-07-23
    soldstatus $40,900
24. 1990-02-05
    soldstatus $52,473

ⓘ 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: $561 · $47/mo
• Projected year-2 tax: $1,221 · $102/mo
• Expected delta: +$660/yr (+$55/mo · 117.5%)

ⓘ 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 ≥111°F today · 18 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: $20,594
• − Mortgage interest: −$10,363
• − Property taxes: −$561
• − Insurance: −$925
• − Repairs & maintenance: −$1,648
• − Management: −$1,648
• − HOA: −$2,436
• − Depreciation: −$5,382
• Taxable loss: −$2,368
• Est. tax savings @ 24.0%: +$568
• After-tax cash flow: $1,273/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: Gilbert Unified District (4239)
• NCES district ID: 0403400
• Math proficiency: 49% ▼ -8.00%
• Reading proficiency: 52% ▼ -7.00%
• Median HH income: $74,715
• Composite: 45.55/100
• National rank: #2600
• State rank: #38 of 249 in AZ

Livability — Chandler

• Score: 78/100
• State rank: #9
• US rank: #2508

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chandler, AZ
• County: Maricopa County · 4,537,380 people
• City population: 299,016
• Metro: Phoenix-Mesa-Chandler, AZ
• Population (ZIP): 72,297
• Household income: $88,676
• Rent vs Own: 38.3% rent · 61.7% own
• Severe rent burden: 2327.0

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 0.65)
• Race & ethnicity: White 48% Hispanic / Latino 34% Two or more races 16% Black 7% Asian 6% Native American 2%
• Hispanic origin (detail): Mexican 29% Puerto Rican 1%
• Common ancestry: Romanian 2% Lithuanian 2% Portuguese 1%
• Foreign-born: 16% · Canada, Vietnam, China
• Languages at home: 72% English-only · Spanish 21% Vietnamese 1% Chinese 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: ▼ -128.25%
• Current HPI: 328.8354
• 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

+271.6% since first listed

10 events — show timeline

• 2026-04-19 Price Changed $195,000 ARMLS
• 2026-02-17 Price Changed $210,000 ARMLS
• 2025-12-11 Listed $225,000 ARMLS
• 2018-05-09 Sold (Public Records) $57,650 Public Records
• 2018-05-09 Sold (Public Records) $57,650 Public Records
• 2000-01-28 Sold (Public Records) $50,000 Public Records
• 2000-01-04 Sold (MLS) $50,000 ARMLS
• 1999-12-23 Listed $50,000 ARMLS
• 1997-07-23 Sold (Public Records) $40,900 Public Records
• 1990-02-05 Sold (Public Records) $52,473 Public Records

Property tax history

-1.0%/yr

Latest (2025): $561 · +3.8% YoY. Source: county tax records.