Panel vintageSeptember 1, 2026Demonstration data — not live MLS
Parcel
Contact the desk

2231 N Recker Rd

East Mesa · Mesa, AZ 85215 · Single-family

Active41 days on marketID P-038
Price
$448,000
Est. rent / mo
$2,470
Est. cap rate
3.72%
Est. cash-on-cash
-7.70%
Est. DSCR
0.64
Rent / price
0.551%
$ / sq ft
$196
Est. cash flow / mo
-$791

At the baseline set: 25% down, 6.75%, 30-year amortisation. Estimates.

2231 N Recker Rd — painted stucco ranch elevation with a barrel-tile roof and mature mesquite
2231 N Recker Rd — renovated kitchen with quartz counters and vinyl plank flooring
2231 N Recker Rd — vacant living area with vinyl plank flooring and a slider to the patio
2231 N Recker Rd — renovated bathroom with a tiled tub surround
2231 N Recker Rd — exterior condenser units on a gravel pad

Representative stock photography of Phoenix-metro residential product. These images do not depict this address.

The read

Four-bed, three-bath 2004 tract with both major systems replaced inside five years. A hold-and-forget row rather than a value-add.

  • HOA $82/mo
  • Both systems recent
  • Den
  • Extended patio

Facts

Physical
Property typeSingle-family
Units1
Bedrooms / bathrooms4 / 3
Living area2,280 sq ft
Lot7,841 sq ft
Year built2004 (22 yrs)
Stories2
Parking2-car garage
Coordinates33.4058, -111.7200
Carry — estimated
Property tax / yr$2,330
Insurance / yr$1,950
HOA / mo$82
Other fixed / yr$360
Total est. operating / yr$11,196
HVAC installed2020
Roof installed2021
Water providerCity of Mesa
FEMA flood zoneZone X

Underwrite it

Every figure below recomputes as you move an input. Nothing is rounded until it is printed, and operating expenses never include debt service — that separation is what makes the cap rate a property of the building and the cash-on-cash a property of your deal. All outputs are estimates.

Purchase & financing
Income
Operating expenses

Monthly cash flow

−$791

after debt service, before tax

Cap rate

3.72%

NOI ÷ purchase price

Cash-on-cash

-7.70%

cash flow ÷ cash invested

DSCR

0.64

NOI ÷ annual debt service

Where the gross rent goes

  • Vacancy$1,778
  • Operating$11,196
  • Debt service$26,151
  • Cash flow$0
Annual income statement — estimated
Gross scheduled income$29,640
Less vacancy & credit loss−$1,778
Effective gross income$27,862
Less fixed operating−$5,624
Less variable operating−$5,572
Net operating income$16,665
Less annual debt service−$26,151
Pre-tax cash flow-$9,486
Loan amount$336,000
Monthly principal & interest$2,179
Cash invested$123,200
Operating expense ratio40.2%
Break-even occupancy126.0%
Gross rent multiplier15.1
Rent-to-price ratio0.551%

Estimated figures produced by a model from the assumptions on the left. Not an offer, an appraisal, a loan quote or investment advice. Taxes, insurance and operating expenses are estimates; verify each before you commit capital.

Price history

List-price history

Plotted on a true time axis — the horizontal distance between two points is how long that price actually stood. The asking price has not moved since listing.

$425,000$450,000$475,000Aug 26Sep 26

List-price events
DateEventPriceChange
July 15, 2026Listed$448,000—

Estimated value, indexed to the submarket

The current price carried backwards on the East Mesa median-price index. An index adjustment, not an appraisal and not a record of transactions.

Comparables

Rent is compared per unit, which is the only fair basis across a house and a fourplex. The subject sits 16.8% above the median of its five closest comparables.

Monthly rent per unit

Drawn from the panel itself, ranked by product family, unit size, bedroom count and straight-line distance.

Table
Monthly rent per unit — full data. Drawn from the panel itself, ranked by product family, unit size, bedroom count and straight-line distance.
ComparableDetailRent / unit / mo
2231 N Recker Rd (subject)subject · 4/3 · 2,280 sq ft/unit$2,470
10233 E Keats Ave0.9 mi · 3/2 · 1,740 sq ft/unit$2,115
1155 E Warner Rd12.3 mi · 4/3 · 2,240 sq ft/unit$2,540
525 W Baseline Rd11.5 mi · 4/2 · 1,985 sq ft/unit$2,620
8815 E Southern Ave0.5 mi · 2/2 · 1,290 sq ft/unit$1,860
638 S Extension Rd8.1 mi · 3/2 · 1,465 sq ft/unit$2,010
Sale comparables — nearest 4 assets of the same type
AddressSubmarketDistancePriceSq ft$ / sq ft
2231 N Recker Rd SubjectEast Mesa—$448,0002,280$196
10233 E Keats AveEast Mesa0.9 mi$392,0001,740$225
638 S Extension RdWest Mesa8.1 mi$349,0001,465$238
1240 W 8th PlWest Mesa8.5 mi$318,0001,310$243
525 W Baseline RdTempe South11.5 mi$542,0001,985$273

Sensitivity

What a five-percent move in price or fifty basis points on the rate does to the return. Computed at the baseline assumption set, not at whatever you have set the calculator to — it is a fixed reference.

Sensitivity — cash-on-cash by price and rate

Every other assumption held at the baseline set. A fixed reference, not tied to the calculator above. Estimates.

Cash-on-cash return by purchase price and interest rate
Price \ Rate5.75%6.25%6.75%7.25%7.75%
$412,000−8%-4.4%-5.4%-6.5%-7.6%-8.7%
$430,000−4%-5.0%-6.1%-7.1%-8.2%-9.4%
$448,000ask-5.6%-6.6%-7.7%-8.8%-9.9%
$466,000+4%-6.1%-7.1%-8.2%-9.3%-10.4%
$484,000+8%-6.6%-7.6%-8.7%-9.8%-10.9%

Cash-on-cash-10.9% → -4.4%

What to check before you commit

  • HVAC

    Condenser installed 2020, 6 years old. Inside normal service life for this climate, so the CapEx reserve carries it rather than a year-one line item.

  • Roof

    Roof dates to 2021, 5 years old — inside the window most carriers will write without a surcharge.

  • Flood

    FEMA Zone X. Outside the mapped special flood hazard area; a lender will not require separate flood coverage.

  • Water allocation

    Served by City of Mesa. Long-run Colorado River and Central Arizona Project allocation is a genuine risk to price on the metro’s growth edges over a 10-to-20 year hold. It is a discount-rate question, not a next-quarter question.

  • HOA

    $82 a month, $984 a year, payable whether or not the unit is occupied. Read the CC&Rs for rental caps and minimum lease terms before you underwrite a lease-up.