Not a teaser — the whole structure. 9 sections, 1,000+ listings filtered to a Golden 5. Real buildings, real prices, real gross yields. Only the net yields and listing URLs are withheld.
// Other reports from the same engine
// The report
Each section is what ships in the delivered PDF — alongside the full raw Excel workbook: every property analysed with its live listing link, ranked sheets by net yield, appreciation and district. Tap any section — the Golden 5 is the main deliverable.
// 01 · Scope & Method
Click to expand → The 5-step filter, the formula, the verification chain
Built fresh from a live cross-source scan of Chiang Mai condo inventory. Cross-platform consensus rents and cohort-capped pricing filter out agent inflation. Survivors clear all five steps: net yield, appreciation, age, FQ availability, verifiable URL.
// Scope
Active Chiang Mai condo inventory across PropertyHub, Lazudi, Thailand-Property and FazWaz. Off-plan, leasehold and nominee structures excluded. Cohort-capped pricing applied: per-m² rates outside the building’s historical band are flagged before any yield is trusted.
// Math
Gross rent − 15% vacancy − 12% management − CAM − L&B tax. Conservative long-term-tenant assumption — not airbnb.
// Verification
Same-building rents checked across 2+ portals. Outliers thrown out. Every Golden 5 ships with the public listing URL plus cross-source links.
// Legal
Every shortlist unit verified under the 49% Foreign Quota at scan time. FQ slots move — re-confirm before offer.
// 02 · Area Overview
Click to expand → 11 districts with eligible inventory, ranked by gross yield. Median price and rent per m² are real, taken from the live scan. The conservative net yield is the figure withheld.
NoteChiang Mai’s yield map inverts the brochure: the outer rings (Tha Sala, San Sai) lead on yield, prime zones (Nimman, Suthep) trail. The Golden 5 lives in the gap between those poles — cheap enough to yield, central enough to exit.
| # | Area | Median ฿/m² | Rent ฿/m²/mo | Gross | Net (low) | Read |
|---|---|---|---|---|---|---|
| 1 | Tha Sala | ฿24,900 | ฿183 | 8.8% | ████ | Highest yield |
| 2 | San Sai | ฿30,750 | ฿190 | 7.4% | ████ | Best value |
| 3 | Pa Daet | ฿40,000 | ฿240 | 7.2% | ████ | Good |
| 4 | Chang Khlan | ฿43,800 | ฿264 | 7.2% | ████ | Prime |
| 5 | CMU / Huay Kaew | ฿49,750 | ฿291 | 7.0% | ████ | Education hub |
| 6 | Business Park | ฿31,360 | ฿180 | 6.9% | ████ | Stable demand |
| 7 | Nong Hoi / Riverside | ฿35,000 | ฿195 | 6.7% | ████ | Good |
| 8 | Nimmanhaemin | ฿63,450 | ฿319 | 6.0% | ████ | Premium |
| 9 | Chang Phuak | ฿38,550 | ฿188 | 5.8% | ████ | Selective |
| 10 | Suthep / University | ฿54,200 | ฿245 | 5.4% | ████ | Selective |
| 11 | Outer / Airport | ฿63,100 | ฿228 | 4.3% | ████ | Below threshold |
// 03 · Top 10 by Net ROI
Click to expand → Ranked on net yield after every deduction. Chiang Mai's 10-11% gross yields on the leaders collapse to roughly 5-7% net once vacancy, management, CAM and tax are applied to realistic long-term-tenant rents — not airbnb assumptions. The redacted column is the figure you commission to receive.
Gross yields are real research estimates from this scan — they are not promises and not net of vacancy, management, CAM or property tax. The conservative net yield each unit underwrites to is the figure withheld here; that is what you commission the report to receive.
| # | Building | Area | Size | Price | ฿/m² | Gross | Net (low) | Score | Why it ranks | Listing |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | SR Land Condo | San Sai | 32m² | ฿650k | ฿19,300 | 11.2% | █████ | Excellent | Lowest entry-price floor identified | In custom |
| 2 | PP Condo | Tha Sala | 30m² | ฿850k | ฿24,900 | 10.8% | █████ | Excellent | Exceptional rent-to-sqm efficiency | In custom |
| 3 | The People Condo | Saraphi | 34m² | ฿700k | ฿18,800 | 10.1% | █████ | Excellent | Strategic renovator play; land-value entry | In custom |
| 4 | Orchid Place | Outer | 33m² | ฿750k | ฿23,400 | 9.6% | █████ | Very good | Underpriced local-market staple | In custom |
| 5 | SR Condo Complex | Business Park | 38m² | ฿1,050k | ฿27,500 | 9.2% | █████ | Very good | Stable corporate tenant base | In custom |
| 6 | Angket Pavilion | Business Park | 45m² | ฿1,250k | ฿27,600 | 8.9% | █████ | Very good | Ultra-low CAM reduces holding cost | In custom |
| 7 | One Plus Mahidol | Pa Daet | 33m² | ฿1,850k | ฿40,000 | 9.1% | █████ | Very good | Hospital-corridor demand | In custom |
| 8 | Hillside Payap 7-9 | Business Park | 45m² | ฿2,100k | ฿34,900 | 8.5% | █████ | Good | Proven track record, 10+ years | In custom |
| 9 | Hillside Condo 3 | Nimman | 35m² | ฿1,850k | ฿43,800 | 8.3% | █████ | Good | Premium-location yield outlier | In custom |
// 04 · Top 10 by Appreciation
Click to expand → Projected appreciation: supply constraint + infrastructure + ecosystem. Cross-referenced against Section 03 to narrow toward the Golden 5 — buildings appearing on both lists are the dual qualifiers.
| # | Building | Area | Price | 5-yr CAGR | Gross | Net (low) | Tier | Catalyst | Listing |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Tree Boutique | Nimman | ฿2,450k | 10%+ | ████ | █████ | Highest | Direct path of progress in the Nimman expansion. International hospitality brands confirmed for 2026 entry. | In custom |
| 2 | Supalai Monte 1 | North | ฿2,100k | 9%+ | ████ | █████ | Highest | Premium high-rise scarcity. Strong liquidity from domestic buyer demand for this brand. | In custom |
| 3 | One Plus 19 | Chang Khlan | ฿1,950k | 9%+ | ████ | █████ | Highest | Chang Khlan revamp zone. Digital-nomad acceleration is driving rent growth in modern units. | In custom |
| 4 | One Plus Huay Kaew | Huay Kaew | ฿1,950k | 8%+ | ████ | █████ | High | CMU campus expansion (Phase 2) driving a structural student-housing deficit. | In custom |
| 5 | CM Riverside | Nong Hoi | ฿1,750k | 8%+ | ████ | █████ | High | Government-funded riverfront embankment upgrade and waterfront dining phase. | In custom |
| 6 | One Plus Mahidol | Pa Daet | ฿1,850k | 8%+ | ████ | █████ | High | Maharaj Hospital expansion; high-net-worth medical-staff tenant migration. | In custom |
| 7 | S1 Asset Condo | San Sai | ฿1,150k | 7%+ | ████ | █████ | Moderate | North Tech Corridor position; high-speed fibre rollout. | In custom |
| 8 | SR Condo Complex | Business Park | ฿1,050k | 7%+ | ████ | █████ | Moderate | Confirmed new Class-A office tower adjacent to the Business Park ring road. | In custom |
| 9 | Baan Karnkanok 3 | Chang Phuak | ฿1,350k | 7%+ | ████ | █████ | Moderate | Chang Phuak Gate public-space upgrade; gentrification of the Northern Gate. | In custom |
// 05 · The Golden 5
Click to expand → The shortlist you act on. Each survived all five steps; each ships with a public listing URL in the real report. Number 3 is the unit I went on to buy myself — see the full unredacted receipts on the acquisition page.
Rank #1 · Composite winner
San Sai · Studio · 32m²
Why it survivedLowest verified entry-price floor in the entire scan. The math starts here.// area-level signal · San Sai
Rank #2 · Yield anchor
Tha Sala · Studio · 30m²
Why it survivedBest rent-to-sqm efficiency on the board. Quiet building, sticky tenants.// area-level signal · Tha Sala
Rank #3 · The acquisition
Pa Daet · 1BR · 40m²
Why it survivedThe anomaly: priced below the block, in an appreciation pocket. The one I went on to buy myself — #1 and #2 sold before I could offer.// area-level signal · Pa Daet
Rank #4 · Growth pick
San Sai · Studio · 30m²
Why it survivedNorth Tech Corridor; the fibre rollout underwrites the appreciation thesis.// area-level signal · San Sai
Rank #5 · Liquidity pick
Pa Daet · 1BR · 33m²
Why it survivedHospital-corridor tenant demand; airport-side resale liquidity.// area-level signal · Pa Daet
// 06 · City-Wide Building Scan
Click to expand → Reference catalog. Every building that cleared the inventory filter ships in the delivered report with building, area, ฿/m² and gross yield real. Score buckets the conservative Low Net into market-standard tiers (Excellent / Very Good / Good / Fair / Below).
| # | Building | Area | Rent ฿/m²/mo | Price ฿/m² | Gross | Net (low) | Score | Listing |
|---|---|---|---|---|---|---|---|---|
| 1 | Galae Thong Tower | Pa Daet | ฿240 | ฿31,250 | 9.2% | █████ | Very good | In custom |
| 2 | Galae Thong Tower | Pa Daet | ฿240 | ฿29,687 | 9.7% | █████ | Very good | In custom |
| 3 | SR Land Condo | San Sai | ฿190 | ฿20,312 | 11.2% | █████ | Excellent | In custom |
| 4 | SR Land Condo | San Sai | ฿190 | ฿21,093 | 10.8% | █████ | Excellent | In custom |
| 5 | PP Condo | Tha Sala | ฿183 | ฿28,333 | 7.8% | █████ | Good | In custom |
| 6 | Tree Boutique | Nimman | ฿319 | ฿68,055 | 5.6% | █████ | Fair | In custom |
| 7 | Supalai Monte 1 | North | ฿188 | ฿63,636 | 3.5% | █████ | Below | In custom |
| 8 | Hillside Condo 3 | Nimman | ฿319 | ฿52,857 | 7.2% | █████ | Good | In custom |
| 9 | Hillside Condo 2 | Nimman | ฿319 | ฿51,562 | 7.4% | █████ | Good | In custom |
| 10 | Escent Ville | Central | ฿264 | ฿101,785 | 3.1% | █████ | Below | In custom |
| 11 | Galae Thong Tower | Pa Daet | ฿240 | ฿32,926 | 8.7% | █████ | Good | In custom |
| 12 | Galae Thong Tower | Pa Daet | ฿240 | ฿30,625 | 9.4% | █████ | Very good | In custom |
| 13 | SR Condo Complex | Business Park | ฿180 | ฿40,789 | 5.3% | █████ | Fair | In custom |
| 14 | S1 Asset Condo | San Sai | ฿190 | ฿38,333 | 5.9% | █████ | Fair | In custom |
| 15 | One Plus 19 | Chang Khlan | ฿264 | ฿60,937 | 5.2% | █████ | Fair | In custom |
| 16 | Hillside Payap 7-9 | Business Park | ฿180 | ฿46,666 | 4.6% | █████ | Below | In custom |
| 17 | D-Vieng Santitham | Chang Phuak | ฿188 | ฿71,621 | 3.1% | █████ | Below | In custom |
| 18 | The Treasure | Business Park | ฿180 | ฿75,000 | 2.9% | █████ | Below | In custom |
| 19 | Grand Parano | Tha Sala | ฿183 | ฿72,222 | 3.0% | █████ | Below | In custom |
| 20 | One Plus Huay Kaew | Huay Kaew | ฿291 | ฿62,903 | 5.6% | █████ | Fair | In custom |
| 21 | Orchid Place | Outer | ฿228 | ฿22,727 | 12.0% | █████ | Excellent | In custom |
| 22 | Angket Pavilion | Business Park | ฿180 | ฿34,444 | 6.3% | █████ | Good | In custom |
| 23 | One Plus Mahidol | Pa Daet | ฿240 | ฿56,060 | 5.1% | █████ | Fair | In custom |
| 24 | Suthep Hill House | Suthep | ฿245 | ฿46,774 | 6.3% | █████ | Good | In custom |
| 25 | Baan Karnkanok 3 | Chang Phuak | ฿188 | ฿35,526 | 6.3% | █████ | Good | In custom |
A representative slice of the full city-wide scan. The delivered report deduplicates and scores every building in your price band.
// 07 · The Raw Workbook
Click to expand → Ships with every report. Every listing analysed for this market, unredacted, a live listing link on every row — ranked by net yield, appreciation and district — so you can verify why the Golden 5 made the Golden 5.
The PDF is the conclusion. The workbook is the evidence: every Chiang Mai listing that entered the funnel, each with its live listing URL, the full cost-stack math on every row, and separate ranked sheets — by net yield, by appreciation signals, by district. The client can re-sort, re-filter, and challenge any number.
| # | Building | District | m² | Asking | Net math | Listing |
|---|---|---|---|---|---|---|
| 1 | ███████ | San Sai | 34 | ฿0.7M | ███ | ↗ |
| 2 | ███████ | Nimman | 42 | ฿3.1M | ███ | ↗ |
| 3 | ███████ | Tha Sala | 30 | ฿0.9M | ███ | ↗ |
| ⋮ | every listing that entered the funnel — delivered unredacted, with live links | |||||
Illustrative rows, redacted here. The delivered workbook is unredacted — names, math, links, every sheet.
// 08 · How to use
// 09 · Scope & limits
Research, not brokerage. No commission, no introductions. Listing URLs verify; they don’t represent.
Yields are conservative estimates. Net assumes a long-term tenant after every deduction. Not a guarantee.
Dated snapshot. Inventory and FQ availability move. Re-confirm at offer.
// From shortlist to signed deed
#1 and #2 sold before I could make an offer. #3 — Galae Thong Tower — is the one I bought and verified. See every figure, unredacted →
// Same engine, different city
The exact same 5-step underwriting, applied to two other markets. Real buildings, real prices, real gross yields — same blur policy as this one.
Same engine, your budget and your shortlist. The Golden 5, the listing URLs, every line of math — delivered in 5 days.
Commission — $499Or run the math yourself with the $20 Protocol →
Brinkman Data Analytics is an independent research service. Not financial, investment, tax, or legal advice. All yield figures are estimates based on historical research data and are not guaranteed. International real estate carries risk of partial or total loss of capital.