The rental market there is in steep decline.

Decline. 

In March, Zimbaluk's company commissioned a study of Canadian consumers that found about 75% plan to cancel or reduce their travel plans to the U.S.
That impacted Flair's service out of Phoenix.Another Canadian ultra...

This  property has a good tenant for multiple years whose lease coming to renew on July month 3rd week which she declined to renew due to job issues as per old ABC company.

I’ve helped investors go from declined → approved just by switching lenders who understood the deal better.If you're buying or refinancing multifamily property, I could be of assistance to you.I work on the lending side and help investors secure financing for everything from DSCR loans to cash-out refis and rehab projects.

How does the appraised value decline 60% + in 2 years?  

Quote from @Mike Calvey: Quote from @James De Stefano: I'm early on along the journey, but so far it's been the "walking on eggshells" while screening / accepting / declining prospective tenants. 

For investors or homeowners building to rent, it’s a great alternative to conventional financing—especially when traditional banks decline due to asset type or age.If your goal is to rent out the ADU, we could structure it as:A short-term bridge loan during constructionThen refi into a 30-year DSCR loan once it's complete and rentedThis way you get both the construction funding and a permanent loan without going through a full doc conventional process.Happy to run the numbers if you'd like to see what leverage or rate options might look like.

All data was pulled via MLS sourcesSales Market OverviewMedian Sales Price in April 2025 reached $380,690, up 4.7% year-over-year.This follows a modest increase of 1.0% from 2023 to 2024, reflecting a positive upward trend in home values over the past two years.Rental Market TrendsActive Rentals rose from 111 to 127, marking a +14.4% increase, suggesting growing inventory and investor interest.Leased Properties declined 15.6% (from 956 to 807), indicating potential softening in immediate rental demand or longer leasing times.Average Monthly Lease Price increased 3%, from $1,896 to $1,953, showing continued upward pressure on rental rates.

After diving deeper into the local rental market and hearing from experienced investors, i have decided to pause that project due to concerns around declining rental demand in that area.