I live in South California and planning to buy some single family homes in Phoenix AZ particularly around Gilbert, Chandler, Oro valley for renting out. How is the rental market potential in those areas for 3 or 4 bedroom houses built after 2000. Any local realtors or investors advise much appreciated. My budget range for the properties would be 200k - 280k preferably built after 2000.
Real Estate Agent · Scottsdale, AZ · Member since 2018 · 412 posts · 366 votes
6y
Hey @Madhavan Thiyagarajan. I'm an agent in Metro Phoenix/Scottsdale. Thought I would answer your inquiry by running a Multiple Listing Services (MLS) search for your parameters.
Real Estate Agent · Scottsdale, AZ · Member since 2018 · 412 posts · 366 votes
6y
Hey @Madhavan Thiyagarajan. I'm an agent in Metro Phoenix/Scottsdale. Thought I would answer your inquiry by running a Multiple Listing Services (MLS) search for your parameters.
Thank you @Melanie Johnston for your response. Good to know Goodyear also has potential. I am going to invest in these properties mainly for cash flow and passive income. Whether the Fair Market Rent values listed in www.huduser.gov portal would be closer to reality for most of the properties within Maricopa County. The portal lists $1,676 as rent for 3 bedrooms and $1,916 for 4 bedrooms. Can i use these rental numbers to derive cash flow for the properties in Chandler/Gilbert/Goodyear?
Could you also put up some numbers for rentals in Surprise, Litchfield, Marley Park, I almost purchased a property down there last year, it still has me wondering if I can get a decent cash flow, or is it too many vacant rentals?
@Melanie Johnston - thanks a ton!!! You have provided valuable insights with your listings. Looks like its a renters heaven here. They have a wide range of inventory choice with nice upgrades to choose from. Recently built property in right location with great upgrades are going for top dollars. So bottomline is either pay upfront and keep your rental property in top notch shape or settle down for low rental figures. I would like to team up with a local realtor who can help me in purchasing the property as well as maintaining it as well. Melanie would you be interested in it? If not can you please recommend somebody who is interested in doing it.
Property Manager · Queen Creek, AZ · Member since 2016 · 608 posts · 426 votes
6y
@Madhavan Thiyagarajan Great to see your interest in the Chandler/Gilbert market. As a Realtor/Broker and Property Manager, we are seeing the numbers improve as we move out a bit further to Queen Creek, San Tan Valley, Maricopa, and even Coolidge.
@Devin Miller We have a very low vacancy rate on rentals in this market! I generally receive multiple applications on properties we manage in days of making them available. Our only problem is a lack of inventory, not vacancy.
We/I/Blue Sky Living manages properties for many out of state owners and would be pleased to assist either of you in the complete process.
Real Estate Agent · Scottsdale, AZ · Member since 2018 · 412 posts · 366 votes
6y
@Devin Miller If you can give me parameters for searches you'd like to see, in terms of bedroom, price ranges, etc., I would be happy to get the results for you.