2847 N 46th Ave #10 · Phoenix, AZ 85035

$105,000

1 bd · 1.0 ba · 705 sqft · Condo public records · 43 Days on market

Built 1980 $156/mo HOA · 15% of rent

---

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 +15.1/30.0
• ARV discount +7.5/15.0
• 1% rule +4.8/10.0
• DSCR +4.6/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +1.6/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

HUD Home. Sold 'AS IS' by Electronic Bid ONLY. For Availability, Bid Submission, Prop Condition Report, Forms, Disclosures, & Owner/Occ Incentives go to *MCB Website shown in Realtor Remarks. FHA Case #023-229166. Available 01/08/10. Bids due by 01/12/10 @ 11:59 PM then daily until sold. MCB makes no warranty as to the current or future existence of mold in this property and is not liable for the potentially harmful effects thereof. *Not on lockbox, See Realtor Remarks* Buyer to verify all info. Eligible for FHA 203K financing. FHA INSURED. **PRICE REDUCED**

Key facts

• Renovated condo
• Natural light
• Open layout

Tags

• RENOVATED CONDO
• UPDATED KITCHEN
• UPDATED BATHROOM
• OPEN LAYOUT
• NATURAL LIGHT
• TURNKEY

Property features AI

Finance

• Other: Lot features per assessor
• HOA & community: Community association with monthly fee of $156.45; HOA covers exterior maintenance

Exterior

• Parking: Detached carport (1 covered/1 carport space); Assigned parking
• Utilities: City water; Public sewer
• Home design: Townhouse (attached property); Fee simple ownership
• Construction: Stucco and wood frame construction; Painted exterior; Built-up roof
• Exterior features: Desert front yard; Natural desert in back; Gravel/stone in back; Block fencing

Interior

• Kitchen: Built-in microwave; Non-laminate counters; Dishwasher
• Bedrooms: Possible 1 bedroom
• Flooring: Laminate
• Bathrooms: 1 full bathroom (total 1)
• Heating & cooling: Electric heating; Central air; Ceiling fans
• Interior features: High-speed internet available; 9+ foot flat ceilings; No interior steps; Master bedroom with 3/4 bath; Dual-pane windows
• Laundry & utility: Washer/dryer hook-ups only

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $105k.

Deal economics

• At list price, monthly cash flow is $34 ($413/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 $103k (2.1% below list).
• Recommended offer: $102k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.7% 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: Justine Spitalny Ste3Am School (math 6% / reading 18%, grade F, #963 of 1,109 statewide, top 87%, 682 students, 78% FRL); Marc T. Atkinson Middle School & Gifted Academy (math 11% / reading 19%, grade F, #156 of 218 statewide, top 72%, 184 students, 76% FRL); Maryvale High School (math 8% / reading 14%, grade F, #292 of 381 statewide, top 77%, 2,795 students, 88% FRL).
• Market conditions: Rents falling (-3.5%/yr); 109 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $726 of loan paydown is wiped out by about $3k 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 43 days — a 3% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 20y ago; this cycle's ask has dropped $10k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $14k; list at $105k implies a 653% gain — meaningful room to come down on a strong offer.

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 $101,850 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.98% ✗
• Cap rate: 6.69%
• Cash-on-cash: 1.40%
• DSCR: 1.06
• GRM: 8.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -17.7%
• Equity multiple: 0.39×
• Total profit: $-17,789
• Equity at exit: $15,656

10-year hold

• IRR: -17.5%
• Equity multiple: 0.18×
• Total profit: $-24,121
• Equity at exit: $9,078

Cash invested: $29,400 (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 85035

• Home prices YoY: -14.3%
• Rents YoY: -3.5%
• Active inventory: 109
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,028 high
• Mortgage (P&I): −$551
• Tax from tax record: −$27 /mo · $330/yr
• Insurance: −$44
• HOA: −$156
• Vacancy / Maint / Mgmt: −$216
• Net cashflow: $34

Break-even live

Break-even rent $985

Max offer price $105,000

Occupancy floor 92%

Sensitivity live

Price	-10% $94	-5% $64	+0% $34	+5% $5	+10% $-25
Rent	-10% $-47	-5% $-6	+0% $34	+5% $75	+10% $116
Rate	-1.0pp $87	-0.5pp $61	base $34	+0.5pp $7	+1.0pp $-20

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2627 N 45th Ave Phoenix, AZ	1.0–3.0	1.0–1.5	843	$1,025	$1.22	0d	1	0.11mi
4903 W Thomas Rd Phoenix, AZ	2.0	1.0	521	$1,097	$2.11	0d	28	0.37mi
2827 N 51st Ave Phoenix, AZ	2.0	1.0–2.0	684	$1,020	$1.49	0d	12	0.65mi
2540 N 51st Ave Phoenix, AZ	3.0	1.0–2.0	637	$1,017	$1.60	0d	1	0.77mi
2634 N 51st Ave Phoenix, AZ	1.0	1.0	445	$799	$1.80	0d	10	0.77mi
1950 N 43rd Ave Phoenix, AZ	1.0	1.0	435	$1,050	$2.41	3d	1	0.81mi
1950 N 43rd Ave Phoenix, AZ	1.0	1.0	435	$950	$2.18	9d	1	0.81mi
4620 W McDowell Rd Unit 1S Phoenix, AZ	1.0	1.0	485	$950	$1.96	0d	1	0.88mi
4620 W McDowell Rd Unit 1L Phoenix, AZ	1.0	1.0	630	$1,140	$1.81	0d	1	0.88mi
4620 W McDowell Rd Unit 2-1 Phoenix, AZ	2.0	1.0	731	$1,224	$1.67	0d	1	0.88mi
4620 W McDowell Rd Phoenix, AZ	—	1.0	400	$800	$2.00	0d	1	0.92mi
4030 N 44th Ave Phoenix, AZ	1.0	1.0	525	$1,195	$2.28	0d	16	0.96mi
5305 W Thomas Rd Phoenix, AZ	1.0	1.0	728	$895	$1.23	0d	1	0.97mi
4140 W McDowell Rd Phoenix, AZ	1.0–2.0	1.0–2.0	656	$949	$1.45	0d	1	1.01mi
3675 W Osborn Rd Phoenix, AZ	1.0	1.0	525	$899	$1.71	0d	6	1.21mi
3229 N 54th Ln Unit C Phoenix, AZ	1.0	1.0	695	$1,100	$1.58	0d	1	1.22mi
3030 N 35th Ave Phoenix, AZ	2.0	1.0	540	$988	$1.83	0d	48	1.29mi
3830 W McDowell Rd Phoenix, AZ	3.0	1.0	679	$1,082	$1.59	0d	1	1.29mi
3810 N Maryvale Pkwy Phoenix, AZ	1.0–2.0	1.0–2.0	804	$790	$0.98	3d	2	1.35mi
3810 N Maryvale Pkwy Phoenix, AZ	1.0–2.0	1.0–2.0	804	$790	$0.98	0d	2	1.35mi

HOA detail condo

• Monthly dues: $156 · $1,872/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-21
   days on market $105,000 Active 43 DOM
2. 2026-06-18
   days on market $105,000 Active 40 DOM
3. 2026-06-17
   days on market $105,000 Active 39 DOM
4. 2026-06-16
   days on market $105,000 Active 38 DOM
5. 2026-06-15
   days on market $105,000 Active 37 DOM
6. 2026-06-13
   days on market $105,000 Active 35 DOM
7. 2026-06-13
   days on market $105,000 Active 34 DOM
8. 2026-06-09
   pricedays on market $105,000 Active 31 DOM
9. 2026-05-01
   status Active
10. 2026-04-21
    historical Under Contract Accepting Backups
11. 2026-04-14
    status Active
12. 2026-02-26
    status Pending
13. 2026-02-24
    historical Under Contract Accepting Backups
14. 2026-01-27
    listed $115,000 Active
15. 2026-01-12
    historical
16. 2025-11-28
    listed $125,000 Active
17. 2010-03-15
    soldstatus $13,950 568-char remark

    Show marketing remark (568 chars)

    HUD Home. Sold 'AS IS' by Electronic Bid ONLY. For Availability, Bid Submission, Prop Condition Report, Forms, Disclosures, & Owner/Occ Incentives go to *MCB Website shown in Realtor Remarks. FHA Case #023-229166. Available 01/08/10. Bids due by 01/12/10 @ 11:59 PM then daily until sold. MCB makes no warranty as to the current or future existence of mold in this property and is not liable for the potentially harmful effects thereof. *Not on lockbox, See Realtor Remarks* Buyer to verify all info. Eligible for FHA 203K financing. FHA INSURED. **PRICE REDUCED**

18. 2010-01-19
    historical 568-char remark

    Show marketing remark (568 chars)

    HUD Home. Sold 'AS IS' by Electronic Bid ONLY. For Availability, Bid Submission, Prop Condition Report, Forms, Disclosures, & Owner/Occ Incentives go to *MCB Website shown in Realtor Remarks. FHA Case #023-229166. Available 01/08/10. Bids due by 01/12/10 @ 11:59 PM then daily until sold. MCB makes no warranty as to the current or future existence of mold in this property and is not liable for the potentially harmful effects thereof. *Not on lockbox, See Realtor Remarks* Buyer to verify all info. Eligible for FHA 203K financing. FHA INSURED. **PRICE REDUCED**

19. 2009-05-29
    listed $13,950 568-char remark

    Show marketing remark (568 chars)

    HUD Home. Sold 'AS IS' by Electronic Bid ONLY. For Availability, Bid Submission, Prop Condition Report, Forms, Disclosures, & Owner/Occ Incentives go to *MCB Website shown in Realtor Remarks. FHA Case #023-229166. Available 01/08/10. Bids due by 01/12/10 @ 11:59 PM then daily until sold. MCB makes no warranty as to the current or future existence of mold in this property and is not liable for the potentially harmful effects thereof. *Not on lockbox, See Realtor Remarks* Buyer to verify all info. Eligible for FHA 203K financing. FHA INSURED. **PRICE REDUCED**

20. 2006-09-04
    historical
21. 2006-07-08
    listed $98,900
22. 1991-09-30
    soldstatus $129,500
23. 1991-09-30
    soldstatus $119,900
24. 1987-06-05
    soldstatus $11,000

ⓘ 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: $330 · $27/mo
• Projected year-2 tax: $693 · $58/mo
• Expected delta: +$363/yr (+$30/mo · 110.0%)

ⓘ 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 ≥112°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: $12,338
• − Mortgage interest: −$5,882
• − Property taxes: −$330
• − Insurance: −$525
• − Repairs & maintenance: −$987
• − Management: −$987
• − HOA: −$1,872
• − Depreciation: −$3,055
• Taxable loss: −$1,299
• Est. tax savings @ 24.0%: +$312
• After-tax cash flow: $725/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): 53,424
• Household income: $60,440
• Rent vs Own: 53.4% rent · 46.6% own
• Severe rent burden: 2269.0

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: Predominantly Hispanic (77%)
• Race & ethnicity: Hispanic / Latino 77% Two or more races 32% Black 10% White 7% Native American 4% Asian 1%
• Hispanic origin (detail): Mexican 70%
• Foreign-born: 30% · Canada
• Languages at home: 36% English-only · Spanish 62% Tagalog/Filipino 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: ▼ -83.58%
• Current HPI: 499.1137
• Rent YoY: ▼ -3.50%
• 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

+945.5% since first listed

16 events — show timeline

• 2026-05-01 Relisted — ARMLS
• 2026-04-21 Contingent — ARMLS
• 2026-04-14 Relisted — ARMLS
• 2026-02-26 Pending — ARMLS
• 2026-02-24 Contingent — ARMLS
• 2026-01-27 Listed $115,000 ARMLS
• 2026-01-12 Listing Removed — ARMLS
• 2025-11-28 Listed $125,000 ARMLS
• 2010-03-15 Sold (MLS) $13,950 ARMLS
• 2010-01-19 Listing Removed — ARMLS
• 2009-05-29 Listed $13,950 ARMLS
• 2006-09-04 Listing Removed — ARMLS
• 2006-07-08 Listed $98,900 ARMLS
• 1991-09-30 Sold (Public Records) $119,900 Public Records
• 1991-09-30 Sold (Public Records) $129,500 Public Records
• 1987-06-05 Sold (Public Records) $11,000 Public Records

Property tax history

-4.5%/yr

Latest (2025): $330 · +2.8% YoY. Source: county tax records.