2326 S Porter St · Gilbert, AZ 85295

$680,000

6 bd · 4.0 ba · 3,515 sqft · SingleFamily public records · 101 Days on market

Built 1999 10,150 sqft lot $193/sqft · 20% below area Est $849k · 20% under $76/mo HOA · 2% of rent ↓ 3% since listing

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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).

• ARV discount +15.0/15.0
• Cash flow +7.4/30.0
• Schools +4.6/10.0
• Livability +4.4/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• DSCR +1.5/10.0
• 1% rule +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Located in the highly sought-after Lindsay Estates, this popular Engle floorplan offers exceptional space and functionality. Open and bright with soaring vaulted ceilings, this 6-bedroom, 3-bath home plus formal living and dining areas. The open kitchen transitions into the extended family room just a few steps below, maintaining an airy, connected feel while offering a cozy, defined gathering space. All five bedrooms are generously oversized with walk-in closets. New HVAC systems installed in 2024. New carpet throughout. Ideally located between Downtown Gilbert and San Tan Village with convenient access to shopping, dining, entertainment, and Loop 202. Located within the A+ rated Gilbert Public School District, this home offers outstanding space, location, and lifestyle.

Key facts

• Engle floorplan
• Formal living areas
• Bonus room

Tags

• ENGLE FLOORPLAN
• BONUS ROOM
• FORMAL LIVING AREAS
• EXTENDED FAMILY ROOM
• WALK-IN CLOSETS
• NEW HVAC SYSTEMS

What this means for you Summary

Snapshot

• This is a 6-bed/4.0-bath single-family listed at $680k.

Deal economics

• At list price, monthly cash flow is $-875 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $525k (22.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $414k (39.1% below list).
• Recommended offer: $414k (39.1% below list) — sets the bar for 1% rule.
• Cap rate 4.7% vs local median 3.2% in Gilbert — 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 87/100 on livability (#1 in AZ, #240 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, employment A+; Watch: health & safety C-, cost of living F.
• 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 (-0.4%/yr); 225 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 36,011 units permitted in Maricopa County in 2024 (12,801 in 5+ unit buildings).
• This rent runs 42% of the median local income ($118k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k 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 101 days — a 9% lower offer ($619k) is reasonable based on typical stale-listing flexibility.

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 $414,335 (39.1% 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 101 days. Have you received any prior offers? Is the seller open to a 39% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.61% ✗
• Cap rate: 4.75%
• Cash-on-cash: -5.51%
• DSCR: 0.75
• GRM: 13.7

CMA / ARV

• ARV (median comp): $848,978
• List price: $680,000
• Delta: -19.90%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2135 S Porter St	0.22mi	5/3.0 (-1)	3,348 (-5%)	0mo	$730,000	$218	72
860 E Oakland St	0.36mi	5/2.5 (-1)	3,482 (-1%)	4mo	$1,010,000	$290	68
2069 S Sailors Ct	0.40mi	6/4.0	3,690 (+5%)	12mo	$845,000	$229	63
881 E Boston St	0.29mi	5/3.0 (-1)	3,722 (+6%)	12mo	$895,000	$240	57
859 E Oakland St	0.33mi	5/3.0 (-1)	3,348 (-5%)	18mo	$750,000	$224	53
847 E Del Rio St	0.57mi	5/4.0 (-1)	3,425 (-3%)	14mo	$845,000	$247	52
1310 E Parkview Dr	0.64mi	5/3.5 (-1)	3,310 (-6%)	2mo	$690,000	$208	52
654 E Hampton Ct	0.60mi	6/4.0	4,011 (+14%)	1mo	$1,037,500	$259	48
1374 E Parkview Dr	0.68mi	5/3.5 (-1)	3,432 (-2%)	12mo	$850,000	$248	48
1273 E Hampton Ln	0.62mi	5/2.5 (-1)	3,037 (-14%)	7mo	$710,000	$234	32
741 E Vermont Dr	0.51mi	5/3.0 (-1)	4,022 (+14%)	18mo	$900,000	$224	28
1808 S Sailors Way	0.71mi	5/3.0 (-1)	4,010 (+14%)	11mo	$1,175,000	$293	25

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -28.7%
• Equity multiple: 0.06×
• Total profit: $-178,333
• Equity at exit: $101,390

10-year hold

• IRR: -42.6%
• Equity multiple: -0.44×
• Total profit: $-275,093
• Equity at exit: $58,794

Cash invested: $190,400 (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 85295

• Home prices YoY: -7.5%
• Rents YoY: -0.4%
• Active inventory: 225
• Price-to-rent: 13.7×

Monthly cashflow live

• Estimated rent: $4,143 medium
• Mortgage (P&I): −$3,566
• Tax from tax record: −$223 /mo · $2,674/yr
• Insurance: −$283
• HOA: −$76
• Vacancy / Maint / Mgmt: −$870
• Net cashflow: $-875

Break-even live

Break-even rent $5,251

Max offer price $525,438

Occupancy floor —

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: $170,000
• Closing costs: $20,400
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2665 S Velvendo Dr Gilbert, AZ	5.0	3.5	3771	$5,200	$1.38	5d	1	0.43mi
587 E Benrich Dr Gilbert, AZ	5.0	3.0	2877	$4,195	$1.46	24d	1	1.05mi

HOA detail

• Monthly dues: $76 · $912/yr

Listing history 11 events

1. 2026-06-09
   status $680,000 Pending 101 DOM
2. 2026-06-08
   days on market $680,000 Active 101 DOM
3. 2026-06-07
   days on market $680,000 Active 100 DOM
4. 2026-06-04
   days on market $680,000 Active 97 DOM
5. 2026-06-03
   days on market $680,000 Active 96 DOM
6. 2026-06-02
   days on market $680,000 Active 95 DOM
7. 2026-06-01
   days on market $680,000 Active 94 DOM
8. 2026-05-31
   days on market $680,000 Active 93 DOM
9. 2026-04-24
   price $680,000 782-char remark

   Show marketing remark (782 chars)

   Located in the highly sought-after Lindsay Estates, this popular Engle floorplan offers exceptional space and functionality. Open and bright with soaring vaulted ceilings, this 6-bedroom, 3-bath home plus formal living and dining areas. The open kitchen transitions into the extended family room just a few steps below, maintaining an airy, connected feel while offering a cozy, defined gathering space. All five bedrooms are generously oversized with walk-in closets. New HVAC systems installed in 2024. New carpet throughout. Ideally located between Downtown Gilbert and San Tan Village with convenient access to shopping, dining, entertainment, and Loop 202. Located within the A+ rated Gilbert Public School District, this home offers outstanding space, location, and lifestyle.

10. 2026-03-27
    price $684,900 782-char remark

    Show marketing remark (782 chars)

    Located in the highly sought-after Lindsay Estates, this popular Engle floorplan offers exceptional space and functionality. Open and bright with soaring vaulted ceilings, this 6-bedroom, 3-bath home plus formal living and dining areas. The open kitchen transitions into the extended family room just a few steps below, maintaining an airy, connected feel while offering a cozy, defined gathering space. All five bedrooms are generously oversized with walk-in closets. New HVAC systems installed in 2024. New carpet throughout. Ideally located between Downtown Gilbert and San Tan Village with convenient access to shopping, dining, entertainment, and Loop 202. Located within the A+ rated Gilbert Public School District, this home offers outstanding space, location, and lifestyle.

11. 2026-02-27
    listed $699,000 Active 782-char remark

    Show marketing remark (782 chars)

    Located in the highly sought-after Lindsay Estates, this popular Engle floorplan offers exceptional space and functionality. Open and bright with soaring vaulted ceilings, this 6-bedroom, 3-bath home plus formal living and dining areas. The open kitchen transitions into the extended family room just a few steps below, maintaining an airy, connected feel while offering a cozy, defined gathering space. All five bedrooms are generously oversized with walk-in closets. New HVAC systems installed in 2024. New carpet throughout. Ideally located between Downtown Gilbert and San Tan Village with convenient access to shopping, dining, entertainment, and Loop 202. Located within the A+ rated Gilbert Public School District, this home offers outstanding space, location, and lifestyle.

ⓘ 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: $2,674 · $223/mo
• Projected year-2 tax: $4,488 · $374/mo
• Expected delta: +$1,814/yr (+$151/mo · 67.8%)

ⓘ 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 · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,720
• − Mortgage interest: −$38,091
• − Property taxes: −$2,674
• − Insurance: −$3,400
• − Repairs & maintenance: −$3,978
• − Management: −$3,978
• − HOA: −$912
• − Depreciation: −$19,782
• Taxable loss: −$23,094
• Est. tax savings @ 24.0%: +$5,542
• After-tax cash flow: $-4,957/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 — Gilbert

• Score: 87/100
• State rank: #1
• US rank: #240

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gilbert, AZ
• County: Maricopa County · 4,537,380 people
• City population: 281,769
• Metro: Phoenix-Mesa-Chandler, AZ
• Population (ZIP): 56,744
• Household income: $118,467
• Rent vs Own: 37.5% rent · 62.5% own
• Severe rent burden: 1596.0

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: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 20% Two or more races 12% Asian 6% Black 3% Native American 1%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Portuguese 3% Slovak 2% Italian 2%
• Foreign-born: 8% · Canada, Vietnam, China
• Languages at home: 86% English-only · Spanish 8% Other Asian/Pacific 1% 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: ▼ -25.45%
• Current HPI: 313.2677
• Rent YoY: ▼ -0.38%
• 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

-2.7% since first listed

3 events — show timeline

• 2026-04-24 Price Changed $680,000 ARMLS
• 2026-03-27 Price Changed $684,900 ARMLS
• 2026-02-27 Listed $699,000 ARMLS

Property tax history

+0.6%/yr

Latest (2025): $2,674 · +4.0% YoY. Source: county tax records.