1018 N 22nd Pl · Phoenix, AZ 85006

$1,100,000

16 bd · 8.0 ba · 1,288 sqft · MultiFamily public records · 129 Days on market

Built 1986

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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 +15.2/30.0
• ARV discount +7.5/15.0
• DSCR +4.7/10.0
• 1% rule +4.2/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +1.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 8 units. estimate disagrees with records

Listing remarks MLS

MUST BE PURCHASED WITH ADJACENT PROPERTY AT 1022 N 22ND PL. This beautiful 8 unit complex is located in Central Phoenix on a large lot with plenty of parking for all units. Nicely laid out, the two bedroom units feel spacious and have been completely rehabbed including new a/c units in 2007. This building has a history of staying full and generating cash good cash flow.

Key facts

• Major freeway access
• 13 parking spots
• Built 1986

Tags

• AMPLE ON-SITE PARKING
• MINUTES FROM DOWNTOWN PHOENIX
• MAJOR FREEWAY ACCESS
• INTERIOR AND EXTERIOR UPGRADES

Property features AI

Finance

• Other: Tax year 2025
• Financial info: Unit example rent: $995; Investor property with multiple units
• HOA & community: Community features: Other

Exterior

• Parking: 13 total parking spaces; More than 1 space per unit; 13 open parking spaces
• Utilities: Individual electric meters; Public sewer; City water (City Franchise)
• Home design: Fee simple ownership; 4 buildings on the property
• Construction: Wood frame and stucco construction; Composition roof
• Exterior features: Asphalt road access; 12,500 sqft lot

Interior

• Kitchen: Refrigerator; Built-in electric oven; Microwave
• Bedrooms: 2-bedroom units
• Flooring: Tile; Vinyl
• Bathrooms: 1 bathroom units
• Heating & cooling: Individual electric heating; Individual electric cooling
• Interior features: Refrigerator; Built-in electric oven; Microwave
• Laundry & utility: Individual electric meters

What this means for you Summary

Snapshot

• This is a 8 × 2-bed/1.0-bath units multifamily listed at $1.10M.

Deal economics

• At list price, monthly cash flow is $378 ($5k/yr) — positive. Per door: $47/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.01M (8.2% below list).
• Recommended offer: $968k (12.0% 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.
• Market conditions: Rents falling (-4.1%/yr); 120 active listings in the ZIP; 36,011 units permitted in Maricopa County in 2024 (12,801 in 5+ unit buildings).
• At $10,101/mo this rent would consume 208% of the median local household income ($58k/yr) (locally 1133% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $33k 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 129 days — a 12% lower offer ($968k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 19y ago; this cycle's ask has dropped $150k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $159k; list at $1.10M implies a 592% 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 $968,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 129 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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. 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?
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: 0.92% ✗
• Cap rate: 6.71%
• Cash-on-cash: 1.47%
• DSCR: 1.07
• GRM: 9.1

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: -17.4%
• Equity multiple: 0.40×
• Total profit: $-183,626
• Equity at exit: $164,014

10-year hold

• IRR: -16.3%
• Equity multiple: 0.21×
• Total profit: $-242,684
• Equity at exit: $95,108

Cash invested: $308,000 (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 85006

• Rents YoY: -4.1%
• Active inventory: 120
• Price-to-rent: 72.6×

Monthly cashflow live

• Estimated rent: $10,101 high
• Mortgage (P&I): −$5,769
• Tax est. 1.5%: −$1,375 /mo · $16,500/yr
• Insurance: −$458
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,121
• Net cashflow: $378

Break-even live

Break-even rent $9,623

Max offer price $1,100,000

Occupancy floor 91%

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

Units	Beds	Baths	Est. rent
▸ 8× units	2	1	$10,104
Total (8 units)			$10,101

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: $275,000
• Closing costs: $33,000
• Reserves months: —
• Total cash needed: —

Listing history 37 events

1. 2026-06-18
   days on market $1,100,000 Active 129 DOM
2. 2026-06-17
   pricedays on market $1,100,000 Active 128 DOM
3. 2026-06-16
   days on market $1,125,000 Active 127 DOM
4. 2026-06-15
   days on market $1,125,000 Active 126 DOM
5. 2026-06-13
   days on market $1,125,000 Active 124 DOM
6. 2026-06-09
   days on market $1,125,000 Active 120 DOM
7. 2026-06-08
   days on market $1,125,000 Active 119 DOM
8. 2026-06-07
   days on market $1,125,000 Active 118 DOM
9. 2026-06-04
   days on market $1,125,000 Active 115 DOM
10. 2026-06-03
    days on market $1,125,000 Active 114 DOM
11. 2026-06-02
    days on market $1,125,000 Active 113 DOM
12. 2026-06-01
    days on market $1,125,000 Active 112 DOM
13. 2026-05-31
    days on market $1,125,000 Active 111 DOM
14. 2026-04-24
    price $1,150,000
15. 2026-04-08
    price $1,175,000
16. 2026-03-09
    price $1,200,000
17. 2026-02-24
    price $1,225,000
18. 2026-02-09
    listed $1,250,000 Active
19. 2019-06-30
    historical
20. 2018-03-16
    price $330,000
21. 2017-11-21
    listed $299,000 Active
22. 2015-04-08
    soldstatus $159,000
23. 2015-03-20
    soldstatus $159,000 Closed 372-char remark

    Show marketing remark (372 chars)

    MUST BE PURCHASED WITH ADJACENT PROPERTY AT 1022 N 22ND PL. This beautiful 8 unit complex is located in Central Phoenix on a large lot with plenty of parking for all units. Nicely laid out, the two bedroom units feel spacious and have been completely rehabbed including new a/c units in 2007. This building has a history of staying full and generating cash good cash flow.

24. 2015-02-17
    status Pending 372-char remark

    Show marketing remark (372 chars)

    MUST BE PURCHASED WITH ADJACENT PROPERTY AT 1022 N 22ND PL. This beautiful 8 unit complex is located in Central Phoenix on a large lot with plenty of parking for all units. Nicely laid out, the two bedroom units feel spacious and have been completely rehabbed including new a/c units in 2007. This building has a history of staying full and generating cash good cash flow.

25. 2015-01-06
    listed $159,000 Active 372-char remark

    Show marketing remark (372 chars)

    MUST BE PURCHASED WITH ADJACENT PROPERTY AT 1022 N 22ND PL. This beautiful 8 unit complex is located in Central Phoenix on a large lot with plenty of parking for all units. Nicely laid out, the two bedroom units feel spacious and have been completely rehabbed including new a/c units in 2007. This building has a history of staying full and generating cash good cash flow.

26. 2014-11-07
    historical
27. 2013-08-27
    listed $159,000 Active
28. 2009-04-30
    historical
29. 2008-10-14
    listed $219,000
30. 2007-07-28
    historical
31. 2007-06-28
    listed $289,000
32. 2007-02-09
    soldstatus $185,000
33. 1997-04-14
    soldstatus $22,000
34. 1997-04-14
    soldstatus $32,000
35. 1995-03-03
    soldstatus $96,000
36. 1990-11-30
    soldstatus $35,000
37. 1984-12-14
    soldstatus $22,000

ⓘ 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $121,212
• − Mortgage interest: −$61,617
• − Property taxes: −$16,500
• − Insurance: −$5,500
• − Repairs & maintenance: −$9,697
• − Management: −$9,697
• − Depreciation: −$32,000
• Taxable loss: −$13,799
• Est. tax savings @ 24.0%: +$3,312
• After-tax cash flow: $7,847/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): 21,905
• Household income: $58,248
• Rent vs Own: 61.8% rent · 38.2% own
• Severe rent burden: 1133.0

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 0.57)
• Race & ethnicity: Hispanic / Latino 58% Two or more races 31% White 30% Black 6% Native American 3% Asian 1%
• Hispanic origin (detail): Mexican 51% Puerto Rican 1%
• Common ancestry: Italian 2% Romanian 1% Slovak 1%
• Foreign-born: 21% · Canada
• Languages at home: 57% English-only · Spanish 41%

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: ▼ -439.96%
• Current HPI: 493.4393
• Rent YoY: ▼ -4.08%
• 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

+5127.3% since first listed

24 events — show timeline

• 2026-04-24 Price Changed $1,150,000 ARMLS
• 2026-04-08 Price Changed $1,175,000 ARMLS
• 2026-03-09 Price Changed $1,200,000 ARMLS
• 2026-02-24 Price Changed $1,225,000 ARMLS
• 2026-02-09 Listed $1,250,000 ARMLS
• 2019-06-30 Listing Removed — ARMLS
• 2018-03-16 Price Changed $330,000 ARMLS
• 2017-11-21 Listed $299,000 ARMLS
• 2015-04-08 Sold (Public Records) $159,000 Public Records
• 2015-03-20 Sold (MLS) $159,000 ARMLS
• 2015-02-17 Pending — ARMLS
• 2015-01-06 Listed $159,000 ARMLS
• 2014-11-07 Listing Removed — ARMLS
• 2013-08-27 Listed $159,000 ARMLS
• 2009-04-30 Listing Removed — ARMLS
• 2008-10-14 Listed $219,000 ARMLS
• 2007-07-28 Listing Removed — ARMLS
• 2007-06-28 Listed $289,000 ARMLS
• 2007-02-09 Sold (Public Records) $185,000 Public Records
• 1997-04-14 Sold (Public Records) $32,000 Public Records
• 1997-04-14 Sold (Public Records) $22,000 Public Records
• 1995-03-03 Sold (Public Records) $96,000 Public Records
• 1990-11-30 Sold (Public Records) $35,000 Public Records
• 1984-12-14 Sold (Public Records) $22,000 Public Records

Property tax history

-5.2%/yr

Latest (2025): $681 · +3.9% YoY. Source: county tax records.