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The Rhoades

SFR in Mesa, Arizona
10 bedrooms • 3 bathrooms • 2,604 Sq. Feet

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Property listed and underwritten by Joey
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$10bn+ deployed

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$600,000 purchase price
The Rhoades was secured at the previous owner's cost basis after conversion
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75.00% loan-to-value
Property financed with 7.75% interest only loan.
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$76,800 projected yearly rental income
The Rhoades is currently 100% occupied with actuals above Year 1 underwriting

The property was completely remodeled in Q2 2024, with a conversion into the PadSplit model with individual bedrooms on separate leases. The asset boasts over 2,600 square feet of living space and a large yard, with 10 bedrooms and 3 bathrooms. 


Nearby comparable properties
Nearby sales
Beds
Baths
Sq. Ft.
Date sold
Price sold
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337 E Halifax St
4
3
2.7K
Nov-23
$615K
icon-real-estate-agent
1430 N Parsell Cir
4
2
2.4K
Dec-23
$594.5K
icon-real-estate-agent
249 E Grandview St
4
2
2.6K
May-24
$561.5K
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Weighted avg.
-
-
2.6K
--
$590.8K
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The Rhoades
10
3
2.6K
Jan-25
$600K

What are the potential returns
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Projected value
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caret-up--
Rental income
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$84K / 4% growth
Expenses
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$NaN / 2% growth
Appreciation
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3% growth

The property's status
Purchased Property
January 2025
Anticipated First Dividends
February 2025

The property comes furnished and make-ready as a turnkey PadSplit that has achieved rental actuals over the past five months above projected underwriting rents going forward.


What goes into the offering
Offering Details
Purchase Price
$600,000

(-) Debt
($450,000)
Equity
$150,000
(+) Reserves & Closing Costs
$88,000

(+) mogul Platform Fee (One-Time)
$30,000
Total Offering Amount
$268,000

When the asset is expected to be sold
Hold Period
5 - 7 Years
Target Secondary Liquidity Option
Q2 2026

Hold Period:

We anticipate holding the asset and selling it after 5-7 years. After 5 years, we will analyze the trends in national and local markets to project an estimated value / movement in prices over the coming years.

We will present our findings and recommendations to the investors to decide on the best time to sell. If the trends are pointing to selling before 5 years or after 7 years, we will notify investors on an ad hoc basis with our findings.

We are targeting a secondary liquidity option, so not all investors have to agree on the best course of action to sell their ownership stake.

Target Secondary Liquidity Option:

We are targeting a secondary liquidity option around Q2 of 2026. This means we are targeting providing the ability for investors to sell their shares at their asset value at any time.

While this is our target timeline, several factors may lead to us launching the secondary liquidity earlier or later than the intended timeline. As such, investors should budget for the hold period of 5-7 years when making their investment.


Where you'll be investing
Mesa, Arizona
23.3%
Past 5-year Market Rent Increase
62.2%
Past 5-year Market Value Increase

Mesa, AZ


  • Home Prices: The median home price in Mesa has increased significantly, currently averaging around $400k. This represents a year-over-year growth of approximately 5-7%, driven by the influx of new residents and continued interest from investors.
  • Inventory Levels: Inventory remains relatively low, contributing to a competitive market. The number of homes for sale is down compared to previous years, resulting in multiple offers on well-priced properties and a low months-of-inventory figure.
  • Demographic Shifts: Mesa continues to attract a diverse demographic, including young families, retirees, and professionals drawn to its affordable housing and quality schools. This demographic diversity is driving demand for a range of property types.

Property Updates
Closed!
The Rhoades
14 days ago
Closed!
Property officially closed, first dividends coming in Feb for the month of Jan
Invest Now

avatar
Property listed and underwritten by Joey
icon-hourglass
$10bn+ deployed
icon-mogul-black-sm
mogul co-founder
Prior to co-founding mogul, Joey deployed $10bn+ into high quality residential real estate for some of the most prominent institutions on Wall Street.
Other Key Personnel
managed-by
Managed by Provident Partners
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Financed by Host Financial

Frequently asked questions