Why Smart Money is Buying 'Ugly' Phoenix Apartments Right Now

You didn't go through med school, residency, and fellowship to spend your weekends analyzing cap rates. But here's the thing: the physicians who build real wealth understand one simple truth—your income is not your wealth. Your assets are.

In this episode, Dr. Kimberly Workman breaks down why January 2026 might be the best entry point for vintage multifamily in Phoenix that we've seen in years. Learn why smart money is avoiding shiny new builds and targeting "ugly" 1970s-1990s garden-style properties instead.

Key Takeaways:

• Why the Phoenix supply wave is cresting (units under construction down 29%)
• The math: vintage trades at 6-7.5% cap rates vs 5.5% for new builds
• How to acquire at $125-200 PSF vs $300+ replacement cost
• Why Phoenix leads the nation in net migration
• The value-add playbook: 20-30% rent bumps post-renovation

Connect with Dr. Kimberly Workman: LinkedIn