8910-8912 N 3rd St · Phoenix, AZ 85020

$1,500,000

100 bd · 100.0 ba · 1,946 sqft · MultiFamily public records · 204 Days on market

Built 1945 0.29 ac lot

---

Why this score? — see what drove the C- 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 +21.9/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• 1% rule +5.8/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 10 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

5 unit property in great location. Great opportunity to add value. All month to month leases. Cash flowing property with lots of potential in a great location. Property for sale as a 5 unit or as a 10 unit including property adjacent. Do not disturb tenants.

Key facts

• 0.29 acre lot
• 10 parking spots
• Built 1945

Property features AI

Finance

• Financial info: Unit rents shown (example unit listed at $1,195)
• HOA & community: No community pool

Exterior

• Parking: Paved parking; About 10 open parking spaces (more than 1 space per unit)
• Utilities: City water (City Franchise); Public sewer; APS electric service
• Home design: Fee simple ownership; One building on the property
• Construction: Brick veneer and block construction; Composition roof
• Exterior features: Brick veneer and painted block exterior; Composition roof; Asphalt road access; Lot approximately 100 x 125; Additional parcels included

Interior

• Kitchen: Appliances listed in remarks
• Bedrooms: Units with 2 bedrooms
• Flooring: Vinyl flooring; Concrete flooring
• Bathrooms: Units with 1 bathroom
• Heating & cooling: Central air; Ceiling fans; Window/wall units; Electric and natural gas heating
• Interior features: Vinyl and concrete flooring; See remarks for included appliances
• Laundry & utility: Individual electric meters

What this means for you Summary

Snapshot

• This is a 10 × 10-bed/10.0-bath units multifamily listed at $1.50M.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $237/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $1.50M).
• Recommended offer: $1.32M (12.0% below list) — sets the bar for market timing.
• Cap rate 8.2% 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.
• Glendale Union High School District (4285) (urban): math 23% / reading 31% proficiency, ranked #130 of 249 in AZ (top 52%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Sunnyslope High School (math 32% / reading 41%, grade F, #88 of 381 statewide, top 24%, 2,281 students, 41% FRL).
• Market conditions: Rents soft (-1.8%/yr); 288 active listings in the ZIP; solid renter incomes; 36,011 units permitted in Maricopa County in 2024 (12,801 in 5+ unit buildings).
• At $16,126/mo this rent would consume 231% of the median local household income ($84k/yr) (locally 2104% 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 $10k of loan paydown is wiped out by about $45k 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 204 days — a 12% lower offer ($1.32M) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 22y ago; this cycle's ask has dropped $390k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $632k; list at $1.50M implies a 137% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• 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 $1,320,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 204 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. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.08% ✓
• Cap rate: 8.19%
• Cash-on-cash: 6.78%
• DSCR: 1.30
• GRM: 7.8

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: -9.3%
• Equity multiple: 0.67×
• Total profit: $-138,918
• Equity at exit: $223,655

10-year hold

• IRR: -4.5%
• Equity multiple: 0.74×
• Total profit: $-107,972
• Equity at exit: $129,693

Cash invested: $420,000 (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 85020

• Rents YoY: -1.8%
• Active inventory: 288
• Price-to-rent: 77.5×

Monthly cashflow live

• Estimated rent: $16,126 medium
• Mortgage (P&I): −$7,866
• Tax est. 1.5%: −$1,875 /mo · $22,500/yr
• Insurance: −$625
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,386
• Net cashflow: $2,373

Break-even live

Break-even rent $13,122

Max offer price $1,500,000

Occupancy floor 80%

Sensitivity live

Price	-10% $3,410	-5% $2,892	+0% $2,373	+5% $1,855	+10% $1,337
Rent	-10% $1,099	-5% $1,736	+0% $2,373	+5% $3,010	+10% $3,647
Rate	-1.0pp $3,129	-0.5pp $2,755	base $2,373	+0.5pp $1,985	+1.0pp $1,589

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

Units	Beds	Baths	Est. rent
▸ 10× units	10	10	$16,130
Total (10 units)			$16,126

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: $375,000
• Closing costs: $45,000
• Reserves months: —
• Total cash needed: —

Listing history 42 events

1. 2026-06-18
   days on market $1,500,000 Active 204 DOM
2. 2026-06-17
   days on market $1,500,000 Active 203 DOM
3. 2026-06-16
   days on market $1,500,000 Active 202 DOM
4. 2026-06-15
   days on market $1,500,000 Active 201 DOM
5. 2026-06-13
   days on market $1,500,000 Active 199 DOM
6. 2026-06-09
   days on market $1,500,000 Active 195 DOM
7. 2026-06-08
   days on market $1,500,000 Active 194 DOM
8. 2026-06-07
   days on market $1,500,000 Active 193 DOM
9. 2026-06-04
   days on market $1,500,000 Active 190 DOM
10. 2026-06-03
    days on market $1,500,000 Active 189 DOM
11. 2026-06-02
    days on market $1,500,000 Active 188 DOM
12. 2026-06-01
    days on market $1,500,000 Active 187 DOM
13. 2026-05-31
    days on market $1,500,000 Active 186 DOM
14. 2026-04-21
    price $1,600,000
15. 2026-03-06
    price $1,750,000
16. 2025-11-26
    listed $1,890,000 Active
17. 2024-01-26
    soldstatus $632,500 Closed 258-char remark

    Show marketing remark (258 chars)

    5 unit property in great location. Great opportunity to add value. All month to month leases. Cash flowing property with lots of potential in a great location. Property for sale as a 5 unit or as a 10 unit including property adjacent. Do not disturb tenants.

18. 2024-01-26
    soldstatus $1,265,000

    Show marketing remark (258 chars)

    5 unit property in great location. Great opportunity to add value. All month to month leases. Cash flowing property with lots of potential in a great location. Property for sale as a 5 unit or as a 10 unit including property adjacent. Do not disturb tenants.

19. 2024-01-06
    historical Under Contract Accepting Backups 258-char remark

    Show marketing remark (258 chars)

    5 unit property in great location. Great opportunity to add value. All month to month leases. Cash flowing property with lots of potential in a great location. Property for sale as a 5 unit or as a 10 unit including property adjacent. Do not disturb tenants.

20. 2023-12-14
    listed $700,000 Active 258-char remark

    Show marketing remark (258 chars)

    5 unit property in great location. Great opportunity to add value. All month to month leases. Cash flowing property with lots of potential in a great location. Property for sale as a 5 unit or as a 10 unit including property adjacent. Do not disturb tenants.

21. 2017-01-09
    soldstatus $143,000
22. 2015-03-20
    historical
23. 2014-10-20
    listed $130,000 Active
24. 2014-08-21
    historical
25. 2014-06-02
    listed $130,000 Active
26. 2014-05-05
    historical
27. 2013-11-05
    listed $130,000 Active
28. 2004-09-30
    soldstatus $190,000
29. 2004-09-16
    soldstatus $190,000
30. 2004-06-17
    historical
31. 2004-06-10
    listed $190,000
32. 2004-04-30
    soldstatus $175,000
33. 2004-03-12
    historical
34. 2004-03-09
    listed $175,000
35. 2004-01-29
    historical
36. 2004-01-01
    listed $175,000
37. 2002-05-14
    soldstatus $275,000
38. 2001-02-16
    soldstatus $150,000
39. 2001-02-16
    soldstatus $165,000
40. 1990-04-20
    soldstatus $80,000
41. 1990-04-20
    soldstatus $80,000
42. 1988-03-09
    soldstatus $140,000

ⓘ 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 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥112°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $193,512
• − Mortgage interest: −$84,023
• − Property taxes: −$22,500
• − Insurance: −$7,500
• − Repairs & maintenance: −$15,481
• − Management: −$15,481
• − Depreciation: −$43,636
• Taxable income: $4,890
• Est. tax owed @ 24.0%: −$1,174
• After-tax cash flow: $27,307/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: Glendale Union High School District (4285)
• NCES district ID: 0403450
• Math proficiency: 23% ▼ -38.00%
• Reading proficiency: 31% ▼ -19.00%
• Median HH income: $40,846
• Composite: 22.81/100
• National rank: #8020
• State rank: #130 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): 34,916
• Household income: $83,735
• Rent vs Own: 45.4% rent · 54.6% own
• Severe rent burden: 2104.0

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: White 60% Hispanic / Latino 26% Two or more races 12% Native American 5% Black 3% Asian 3%
• Hispanic origin (detail): Mexican 23%
• Common ancestry: Romanian 4% Slovak 2% Portuguese 2%
• Foreign-born: 13% · Canada, Guatemala, China
• Languages at home: 79% English-only · Spanish 17% Other Indo-European 1% German/W. Germanic 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: ▼ -484.20%
• Current HPI: 305.8855
• Rent YoY: ▼ -1.77%
• 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

+1042.9% since first listed

29 events — show timeline

• 2026-04-21 Price Changed $1,600,000 ARMLS
• 2026-03-06 Price Changed $1,750,000 ARMLS
• 2025-11-26 Listed $1,890,000 ARMLS
• 2024-01-26 Sold (Public Records) $1,265,000 Public Records
• 2024-01-26 Sold (MLS) $632,500 ARMLS
• 2024-01-06 Contingent — ARMLS
• 2023-12-14 Listed $700,000 ARMLS
• 2017-01-09 Sold (Public Records) $143,000 Public Records
• 2015-03-20 Listing Removed — ARMLS
• 2014-10-20 Listed $130,000 ARMLS
• 2014-08-21 Listing Removed — ARMLS
• 2014-06-02 Listed $130,000 ARMLS
• 2014-05-05 Listing Removed — ARMLS
• 2013-11-05 Listed $130,000 ARMLS
• 2004-09-30 Sold (MLS) $190,000 ARMLS
• 2004-09-16 Sold (Public Records) $190,000 Public Records
• 2004-06-17 Listing Removed — ARMLS
• 2004-06-10 Listed $190,000 ARMLS
• 2004-04-30 Sold (MLS) $175,000 ARMLS
• 2004-03-12 Listing Removed — ARMLS
• 2004-03-09 Listed $175,000 ARMLS
• 2004-01-29 Listing Removed — ARMLS
• 2004-01-01 Listed $175,000 ARMLS
• 2002-05-14 Sold (Public Records) $275,000 Public Records
• 2001-02-16 Sold (Public Records) $165,000 Public Records
• 2001-02-16 Sold (Public Records) $150,000 Public Records
• 1990-04-20 Sold (Public Records) $80,000 Public Records
• 1990-04-20 Sold (Public Records) $80,000 Public Records
• 1988-03-09 Sold (Public Records) $140,000 Public Records

Property tax history

-2.8%/yr

Latest (2025): $1,445 · +3.9% YoY. Source: county tax records.