Questions

Because they carry the whole expense structure. A cap rate computed on gross rent minus a mortgage payment is not a cap rate. Ours is net operating income — after vacancy, taxes, insurance, HOA, maintenance, management and a real capital reserve — divided by price, with debt service excluded entirely. On Phoenix single-family that lands between about 3.2% and 4.8%, which is what the market actually is.

Yes. Every filter, every range and the sort order live in the URL query string, so the address bar always describes what you are looking at. Copy it and the person you send it to sees exactly your screen. The back and forward buttons work too — each settled state is its own history entry.

Filtering and sorting run in your browser, so they need JavaScript. Without it the full 53-asset panel is still listed, sorted by estimated cap rate, and every property page works completely — price history, comparables, the full figure table and the sensitivity grid are all server-rendered. Only the interactive calculator needs script.

One fixed set, so the column means the same thing on every row: 25% down at 6.75% over 30 years, 2.5% closing costs, 6% vacancy, and 7/8/5% of effective gross income for maintenance, management and capital reserve. The methodology page prints the whole table.

On any property page, yes — every input in the calculator is live and all sixteen figures recompute as you move it. The listing cards deliberately do not change, because the point of a screen is that every row is on the same basis.

Cap rate is a property of the building: net operating income over price, with financing excluded. Cash-on-cash is a property of your deal: annual cash flow after debt service over the cash you actually put in. Two buyers paying the same price compute the same cap rate and, if their loans differ, different cash-on-cash returns.

Because the mortgage constant is above the cap rate. At 6.75% over 30 years the constant is 7.78% of the loan, which at 75% leverage is 5.84% of the price. Below a 5.84% cap rate, debt service exceeds net operating income and cash flow is negative — that is negative leverage, and it is the defining feature of the current market.

Most residential investor lenders size to 1.15–1.25. Below 1.00 the property does not pay its own debt and the shortfall comes from the owner. We show DSCR on every card and in every underwrite for exactly that reason.

As a screen, yes — it needs only two numbers and can be applied to a whole market in one pass. As an analysis, no: it cannot see property tax, insurance, HOA or condition, and those are most of the difference between two listings with the same ratio. Screen on rent-to-price, rank on cap rate, decide on DSCR.

Both figures are shown. The in-place number reflects the occupied units; the underwriting model runs the stabilised case. Mixing the two — quoting stabilised income against an in-place price — is the most common way a small multifamily pro forma overstates itself.

Because in this climate a condenser is a twelve-to-sixteen year asset, not a twenty-year one, and it is the single largest item a capital reserve has to fund. On a typical single-family rental the HVAC line alone consumes over half a 5% reserve. A 2009 condenser and a 2021 condenser are not the same asset.

Enough to matter. The blended effective residential rates in this panel run from about 0.52% in Mesa to about 0.66% in Buckeye. On a $340,000 asset that is roughly $470 a year of net operating income — about 0.14 points of cap rate, invisible to any screen that does not carry it.

Over a fifteen-year hold on the metro’s growth edge, yes — but as a discount-rate and exit-assumption question, not as an operating expense. Arizona’s Assured Water Supply rules constrain new subdivision plats where a hundred-year supply cannot be demonstrated, which affects the pipeline of competing supply around an asset. We note the water provider on every property and describe the mechanism; the details are a question for a water lawyer.

Institutional single-family ownership is concentrated in newer tract product in specific submarkets, and it competes hardest at the price points and plan types those buyers can systematise. The panel’s best-yielding rows are small multifamily and older single-family, which is not a coincidence.

No. Coverage is Maricopa County. A desk that claims fifteen markets has not been to twelve of them.

No. We do not list, sell, manage or lend, and we hold no real-estate licence. We are an analytics desk. That means we have no transaction to earn from your decision, which is the whole point.

No. We can describe mechanisms — depreciation schedules, the 1031 exchange calendar, what a cost-segregation study would do to a depreciation schedule — and we can model outcomes under stated assumptions. Whether any of it applies to your position is a question for a licensed adviser.

We will tell you what it earns under assumptions we can defend, and where the model is fragile. The decision and the risk tolerance behind it stay with you. Nothing on this site is investment advice.

Demonstration site. Parcel is a fictional business created for this design template. Every listing, price, rent, market figure and case study below is illustrative sample data, not a real property or a real transaction. Photography is representative stock imagery and does not depict the addresses shown.