As an investor and agent here in Phoenix/Scottsdale, this is my take... Market value of a residential property is what someone is willing to pay, and they are priced based on comps -not financial metrics a potential buyer desires. Assuming good intentions, they could be saying it's a good deal because the price per square foot is lower than other similar properties. Prices are indeed super high and finding deals with good cash on cash returns & cap rates is difficult, but certainly not impossible. When I looked into buying a SFR in Phoenix/Scottsdale to rent to longterm tenants the returns were absolutely terrible, I pivoted and bought a short term rental instead because the numbers were way better. If you're married to wanting cash flow & having longterm renters look in suburbs where home values are lower. Also Arcadia is one of the most desirable neighborhoods in Phoenix, who are these agents?! Lol. Feel free to reach out directly if you want to continue the convo. Best of luck
