1533 E Adams St · Phoenix, AZ 85034

$659,000

16 bd · 16.0 ba · 1,768 sqft · MultiFamily public records · 14 Days on market

Built 1983

---

Why this score? — see what drove the B+ 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 +30.0/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +9.6/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +1.5/5.0
• Schools +1.1/10.0

Multi-family units

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

Listing remarks MLS

Units have both a/c and evap. Uncovered parking in rear. All tile. Unit across courtyard also for sale 1021 E. McKinley. Identical buildings. Rent is low for the area. Needs cosmetics only and price reflects that. Thanks - Todd

Key facts

• 4 parking spots
• Built 1983
• Listed 14 days

Property features AI

Finance

• Other: Tax information available but excluded
• Financial info: Unit rents listed at $825 (unit is unfurnished)
• HOA & community: No community pool

Exterior

• Parking: Four total parking spaces; Four open parking spaces; One parking space per unit
• Security: No security details provided
• Utilities: Electric service by APS; Public sewer; City franchise water
• Home design: Fee simple ownership
• Construction: Block construction; Painted exterior; Rolled/Hot Mop roofing
• Exterior features: Painted block construction; Rolled/Hot Mop roof; Asphalt road access; Irrigated/irregular lot dimensions; One building on the property

Interior

• Kitchen: Refrigerator
• Bedrooms: One bedroom (unit is unfurnished)
• Flooring: Tile; Laminate
• Bathrooms: One bathroom
• Heating & cooling: Natural gas heating; Ceiling fan cooling
• Interior features: Refrigerator included; Tile and laminate flooring; Ceiling fans
• Laundry & utility: No laundry details provided

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $659k.

Deal economics

• At list price, monthly cash flow is $3k ($36k/yr) — positive. Per door: $756/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $659k).
• Cap rate 11.8% 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.
• Phoenix Union High School District (4286) (urban): math 10% / reading 15% proficiency, ranked #224 of 249 in AZ (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: North High School (math 11% / reading 15%, grade F, #279 of 381 statewide, top 73%, 2,135 students, 87% FRL).
• Market conditions: Rents falling (-4.0%/yr); 34 active listings in the ZIP; 36,011 units permitted in Maricopa County in 2024 (12,801 in 5+ unit buildings).
• At $9,595/mo this rent would consume 181% of the median local household income ($64k/yr) (locally 480% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $70k of equity ($5k loan paydown + $66k appreciation (10.0% local appreciation)).
• Maricopa County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 0.0% rent growth), your $185k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$113k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 26y 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 $480k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $659,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.46% ✓
• Cap rate: 11.80%
• Cash-on-cash: 19.68%
• DSCR: 1.88
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 37.4%
• Equity multiple: 3.84×
• Total profit: $523,652
• Equity at exit: $593,679

10-year hold

• IRR: 31.1%
• Equity multiple: 8.26×
• Total profit: $1,340,457
• Equity at exit: $1,280,292

Cash invested: $184,520 (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 85034

• Home prices YoY: 3.7%
• Rents YoY: -4.0%
• Active inventory: 34
• Price-to-rent: 22.9×

Monthly cashflow live

• Estimated rent: $9,595 medium
• Mortgage (P&I): −$3,456
• Tax est. 1.5%: −$824 /mo · $9,885/yr
• Insurance: −$275
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,015
• Net cashflow: $3,026

Break-even live

Break-even rent $5,765

Max offer price $659,000

Occupancy floor 63%

Sensitivity live

Price	-10% $3,481	-5% $3,254	+0% $3,026	+5% $2,798	+10% $2,570
Rent	-10% $2,268	-5% $2,647	+0% $3,026	+5% $3,405	+10% $3,784
Rate	-1.0pp $3,358	-0.5pp $3,193	base $3,026	+0.5pp $2,855	+1.0pp $2,681

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	4	$9,596
Total (4 units)			$9,595

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: $164,750
• Closing costs: $19,770
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-18
   days on market $659,000 Active 14 DOM
2. 2026-06-17
   days on market $659,000 Active 13 DOM
3. 2026-06-16
   days on market $659,000 Active 12 DOM
4. 2026-06-15
   days on market $659,000 Active 11 DOM
5. 2026-06-13
   days on market $659,000 Active 9 DOM
6. 2026-06-13
   days on market $659,000 Active 8 DOM
7. 2026-06-09
   days on market $659,000 Active 5 DOM
8. 2026-06-08
   days on market $659,000 Active 4 DOM
9. 2026-06-07
   days on market $659,000 Active 3 DOM
10. 2026-06-04
    remarks 699-char remark
11. 2026-06-04
    listed $659,000 Active 1 DOM

ⓘ 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $115,140
• − Mortgage interest: −$36,914
• − Property taxes: −$9,885
• − Insurance: −$3,295
• − Repairs & maintenance: −$9,211
• − Management: −$9,211
• − Depreciation: −$19,171
• Taxable income: $27,452
• Est. tax owed @ 24.0%: −$6,589
• After-tax cash flow: $29,722/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: Phoenix Union High School District (4286)
• NCES district ID: 0406330
• Math proficiency: 10% ▼ -27.00%
• Reading proficiency: 15% ▼ -18.00%
• Median HH income: $39,055
• Composite: 10.63/100
• National rank: #9773
• State rank: #224 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): 4,854
• Household income: $63,559
• Rent vs Own: 77.5% rent · 22.5% own
• Severe rent burden: 480.0

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 0.60)
• Race & ethnicity: Hispanic / Latino 54% White 31% Two or more races 27% Native American 9% Black 7% Asian 3%
• Hispanic origin (detail): Mexican 49% Puerto Rican 2%
• Common ancestry: Portuguese 3% Romanian 3% Scotch-Irish 2%
• Foreign-born: 18% · Canada, South Korea, China
• Languages at home: 52% English-only · Spanish 42% Russian/Polish/Slavic 1% Korean 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: ▲ 20.05%
• Current HPI: 557.7026
• Rent YoY: ▼ -3.96%
• 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

+1193.1% since first listed

18 events — show timeline

• 2026-06-04 Listed $659,000 ARMLS
• 2023-06-11 Rental Removed — RENT.
• 2021-05-20 Sold (Public Records) $479,900 Public Records
• 2021-04-14 Listing Removed — ARMLS
• 2021-04-12 Relisted — ARMLS
• 2021-04-11 Pending — ARMLS
• 2021-04-01 Sold (Public Records) $408,000 Public Records
• 2021-04-01 Listed $479,900 ARMLS
• 2004-02-10 Sold (MLS) $135,500 ARMLS
• 2004-02-04 Sold (Public Records) $135,500 Public Records
• 2003-12-30 Listing Removed — ARMLS
• 2003-08-22 Listed $135,500 ARMLS
• 2003-04-11 Listing Removed — ARMLS
• 2002-11-04 Listed $135,000 ARMLS
• 2001-03-23 Sold (Public Records) $227,500 Public Records
• 2001-03-20 Sold (MLS) $113,750 ARMLS
• 2000-11-06 Listed $117,000 ARMLS
• 1987-12-04 Sold (Public Records) $50,961 Public Records

Property tax history

-2.5%/yr

Latest (2025): $980 · +6.2% YoY. Source: county tax records.