2208 E Palmdale Ln · Gilbert, AZ 85298

$585,000

4 bd · 2.0 ba · 1,924 sqft · SingleFamily · 77 Days on market

Built 2023 6,000 sqft lot $304/sqft · at area comps Est $595k · at est. $150/mo HOA · 5% 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).

• Appreciation +9.2/10.0
• ARV discount +8.3/15.0
• Cash flow +5.2/30.0
• Schools +4.8/10.0
• Livability +4.4/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

This stunning three-year-old residence perfectly captures the essence of modern Arizona living, situated on a premium corner lot in Gilbert. This four-bedroom, two-bathroom home combines contemporary interior design with a backyard retreat built for entertaining. The heart of the home is a chef-inspired kitchen, anchored by an oversized island and wrapped in an abundance of custom white cabinetry. Elegant wood-look tile flows through the open-concept living spaces, leading your eye toward the massive sliding glass doors and windows that span the back of the house. These sliders provide a seamless transition to a backyard you'll love, featuring custom landscaping with a pergola, pavers, outdoor kitchen, palm trees, and a putting green. The outdoor living area is anchored by a sophisticated backyard finished with a custom pergola equipped with integrated electrical, a cooling ceiling fan, and a dedicated media wall for your TV. The centerpiece of this yard is the high-performance outdoor kitchen, featuring a 40,000 BTU 4-burner Medallion gas grill complete with lights, starter, and accents, along with a matching 10" Medallion gas burner. The setup is designed for the ultimate host, including a built-in standalone drop-in cooler island with a dedicated electrical outlet, three-drawer storage, and three additional outlets for all your appliances. Every detail has been considered, from the designer lighting to the outdoor transformer with a programmable timer to keep the ambiance perfect after sunset. The lifestyle extends well beyond your property line, as the vibrant community amenities are located just down the street. Spend your weekends enjoying the full-court basketball area, expansive green spaces for play, and a modern playground for the kids. The neighborhood hub also features shaded covered areas and dedicated spaces for games and community gatherings, making it the perfect place to connect with neighbors and enjoy the outdoors. Don't miss the opportunity to own this masterfully designed property in a location that truly has it all.

Key facts

• 6,000 sq ft lot
• 2 garage spots
• Built 2023

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $585k.

Deal economics

• At list price, monthly cash flow is $-1k ($-16k/yr) — negative.
• To cash-flow at today's rent, offer at most $351k (40.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $291k (50.3% below list).
• Recommended offer: $291k (50.3% below list) — sets the bar for 1% rule.

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.
• Chandler Unified District #80 (4242) (suburban): math 49% / reading 57% proficiency, ranked #31 of 249 in AZ (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.3%/yr); 329 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 36,011 units permitted in Maricopa County in 2024 (12,801 in 5+ unit buildings).

Forward outlook

• In year one you build about $53k of equity ($4k loan paydown + $49k appreciation (8.4% local appreciation)).
• Maricopa County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$85k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($550k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 5→13/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $290,783 (50.3% 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 77 days. Have you received any prior offers? Is the seller open to a 50% 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: 0.50% ✗
• Cap rate: 3.57%
• Cash-on-cash: -9.71%
• DSCR: 0.57
• GRM: 16.8

CMA / ARV

• ARV (median comp): $595,395
• List price: $585,000
• Delta: -1.75%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2305 E Castanets Dr	0.17mi	4/2.0	1,923 (-0%)	22mo	$640,000	$333	74
2222 E Palmdale Ln	0.02mi	4/2.0	1,793 (-7%)	23mo	$619,000	$345	68
2223 E Citadel Dr	0.08mi	4/2.5	2,192 (+14%)	6mo	$655,000	$299	66
15712 E Chandler Heights Rd	0.24mi	4/2.0	2,092 (+9%)	18mo	$799,000	$382	59
15439 E Via Del Rancho --	0.63mi	3/2.0 (-1)	1,939 (+1%)	7mo	$820,000	$423	58
2615 E San Carlos Way	0.59mi	4/2.5	2,056 (+7%)	5mo	$855,000	$416	55
2216 E Meadowview Ct	0.17mi	4/3.0	2,188 (+14%)	17mo	$655,000	$299	52
23504 S 156th St	0.37mi	3/2.0 (-1)	1,656 (-14%)	16mo	$745,900	$450	41

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

Projected returns pro-forma

8.36% appreciation · 4.31% rent growth · sell at horizon

5-year hold

• IRR: 13.9%
• Equity multiple: 2.06×
• Total profit: $173,906
• Equity at exit: $458,962

10-year hold

• IRR: 14.1%
• Equity multiple: 4.52×
• Total profit: $576,153
• Equity at exit: $925,244

Cash invested: $163,800 (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 85298

• Home prices YoY: 2.5%
• Rents YoY: 4.3%
• Active inventory: 329
• Price-to-rent: 16.8×

Monthly cashflow live

• Estimated rent: $2,908 high
• Mortgage (P&I): −$3,068
• Tax from tax record: −$161 /mo · $1,929/yr
• Insurance: −$244
• HOA: −$150
• Vacancy / Maint / Mgmt: −$611
• Net cashflow: $-1,325

Break-even live

Break-even rent $4,585

Max offer price $350,908

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: $146,250
• Closing costs: $17,550
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2303 E Citadel Dr Gilbert, AZ	4.0	3.0	2265	$2,750	$1.21	24d	1	0.13mi
2250 E Kelly Dr Gilbert, AZ	5.0	3.0	1956	$2,700	$1.38	10d	1	0.14mi
2304 E Kelly Dr Gilbert, AZ	4.0	2.0	1797	$2,400	$1.34	12d	1	0.17mi
1673 E Lafayette Ave Gilbert, AZ	3.0	2.0	1776	$2,500	$1.41	43d	1	0.95mi
2971 E Ridgewood Ln Gilbert, AZ	3.0	2.0	1675	$2,380	$1.42	43d	1	0.95mi
6071 S Rockwell St Gilbert, AZ	5.0	3.0	2375	$2,695	$1.13	16d	1	0.96mi
6770 S Tucana Ln Gilbert, AZ	3.0	2.0	2070	$4,500	$2.17	24d	1	1.02mi
3067 E Palmdale Ln Gilbert, AZ	3.0	2.0	1675	$2,300	$1.37	14d	1	1.08mi
2927 E Mead Dr Gilbert, AZ	4.0	2.0	1651	$2,250	$1.36	18d	1	1.11mi
2723 E Mews Rd Gilbert, AZ	3.0	2.0	1759	$2,395	$1.36	2d	1	1.21mi
2723 E Mews Rd Gilbert, AZ	3.0	2.0	1759	$2,495	$1.42	18d	1	1.21mi
2543 E Penedes Dr Gilbert, AZ	4.0	3.0	2496	$2,695	$1.08	43d	1	1.23mi
3147 E Vallejo Dr Gilbert, AZ	3.0	2.0	2171	$2,350	$1.08	16d	1	1.30mi
3068 E Ravenswood Dr Gilbert, AZ	4.0	2.0	1815	$2,550	$1.40	12d	1	1.30mi
2954 E Coconino Dr Gilbert, AZ	4.0	2.0	2180	$2,590	$1.19	2d	1	1.32mi
2983 E Ironside Ln Gilbert, AZ	3.0	2.0	2450	$2,450	$1.00	43d	1	1.36mi
3329 E Powell Ct Gilbert, AZ	3.0	2.0	1486	$2,345	$1.58	14d	1	1.46mi
4649 E Augusta Ave Chandler, AZ	3.0	2.0	2192	$2,350	$1.07	23d	1	1.48mi
4649 E Augusta Ave Chandler, AZ	3.0	2.0	2192	$2,350	$1.07	4d	1	1.48mi

HOA detail

• Monthly dues: $150 · $1,800/yr
• Likely covers: gaselectriclandscaping

Listing history 18 events

1. 2026-06-18
   days on market $585,000 Active 77 DOM
2. 2026-06-17
   days on market $585,000 Active 76 DOM
3. 2026-06-16
   days on market $585,000 Active 75 DOM
4. 2026-06-15
   days on market $585,000 Active 74 DOM
5. 2026-06-13
   days on market $585,000 Active 72 DOM
6. 2026-06-13
   days on market $585,000 Active 71 DOM
7. 2026-06-09
   days on market $585,000 Active 68 DOM
8. 2026-06-08
   pricedays on market $585,000 Active 67 DOM
9. 2026-06-07
   days on market $600,000 Active 66 DOM
10. 2026-06-04
    days on market $600,000 Active 63 DOM
11. 2026-06-03
    days on market $600,000 Active 62 DOM
12. 2026-06-02
    days on market $600,000 Active 61 DOM
13. 2026-06-01
    days on market $600,000 Active 60 DOM
14. 2026-05-31
    days on market $600,000 Active 59 DOM
15. 2026-04-02
    listed $615,000 Active 2082-char remark

    Show marketing remark (2082 chars)

    This stunning three-year-old residence perfectly captures the essence of modern Arizona living, situated on a premium corner lot in Gilbert. This four-bedroom, two-bathroom home combines contemporary interior design with a backyard retreat built for entertaining. The heart of the home is a chef-inspired kitchen, anchored by an oversized island and wrapped in an abundance of custom white cabinetry. Elegant wood-look tile flows through the open-concept living spaces, leading your eye toward the massive sliding glass doors and windows that span the back of the house. These sliders provide a seamless transition to a backyard you'll love, featuring custom landscaping with a pergola, pavers, outdoor kitchen, palm trees, and a putting green. The outdoor living area is anchored by a sophisticated backyard finished with a custom pergola equipped with integrated electrical, a cooling ceiling fan, and a dedicated media wall for your TV. The centerpiece of this yard is the high-performance outdoor kitchen, featuring a 40,000 BTU 4-burner Medallion gas grill complete with lights, starter, and accents, along with a matching 10" Medallion gas burner. The setup is designed for the ultimate host, including a built-in standalone drop-in cooler island with a dedicated electrical outlet, three-drawer storage, and three additional outlets for all your appliances. Every detail has been considered, from the designer lighting to the outdoor transformer with a programmable timer to keep the ambiance perfect after sunset. The lifestyle extends well beyond your property line, as the vibrant community amenities are located just down the street. Spend your weekends enjoying the full-court basketball area, expansive green spaces for play, and a modern playground for the kids. The neighborhood hub also features shaded covered areas and dedicated spaces for games and community gatherings, making it the perfect place to connect with neighbors and enjoy the outdoors. Don't miss the opportunity to own this masterfully designed property in a location that truly has it all.

16. 2023-05-18
    soldstatus $567,490 Closed 252-char remark

    Show marketing remark (252 chars)

    Our popular Palo Verde plan has beautiful features such as quartz counters in Crisp Stria , Maple Linen cabinets, and Super Luxury 7 x 22 plank tile flooring. A copy of the public report is available on the Arizona Department of Real Estate's website.

17. 2023-04-22
    status Pending 252-char remark

    Show marketing remark (252 chars)

    Our popular Palo Verde plan has beautiful features such as quartz counters in Crisp Stria , Maple Linen cabinets, and Super Luxury 7 x 22 plank tile flooring. A copy of the public report is available on the Arizona Department of Real Estate's website.

18. 2023-03-10
    listed $567,490 Active 252-char remark

    Show marketing remark (252 chars)

    Our popular Palo Verde plan has beautiful features such as quartz counters in Crisp Stria , Maple Linen cabinets, and Super Luxury 7 x 22 plank tile flooring. A copy of the public report is available on the Arizona Department of Real Estate's website.

ⓘ 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: $1,929 · $161/mo
• Projected year-2 tax: $3,861 · $322/mo
• Expected delta: +$1,932/yr (+$161/mo · 100.1%)

ⓘ 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 5/10 Major
• 🌡 Heat 9/10 Extreme 5 d/yr ≥112°F today · 13 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: $34,894
• − Mortgage interest: −$32,769
• − Property taxes: −$1,929
• − Insurance: −$2,925
• − Repairs & maintenance: −$2,792
• − Management: −$2,792
• − HOA: −$1,800
• − Depreciation: −$17,018
• Taxable loss: −$27,131
• Est. tax savings @ 24.0%: +$6,511
• After-tax cash flow: $-9,390/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: Chandler Unified District #80 (4242)
• NCES district ID: 0401870
• Math proficiency: 49% ▼ -8.00%
• Reading proficiency: 57% ▼ -2.00%
• Median HH income: $74,048
• Composite: 47.54/100
• National rank: #2268
• State rank: #31 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): 44,114
• Household income: $156,425
• Rent vs Own: 8.9% rent · 91.1% own
• Severe rent burden: 173.0

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 White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 14% Two or more races 11% Asian 7% Black 2%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Italian 4% Romanian 3% Lithuanian 3%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 85% English-only · Spanish 7% Other Indo-European 2% 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: ▲ 8.36%
• Current HPI: 343.6932
• Rent YoY: ▲ 4.31%
• 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

+8.4% since first listed

4 events — show timeline

• 2026-04-02 Listed $615,000 ARMLS
• 2023-05-18 Sold (MLS) $567,490 ARMLS
• 2023-04-22 Pending — ARMLS
• 2023-03-10 Listed $567,490 ARMLS

Property tax history

+73.9%/yr

Latest (2025): $1,929 · +1.3% YoY. Source: county tax records.