1064 W 5TH Street, Tempe, AZ 85281, Tempe, 85281 - 3 bed, 1 bath
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Tempe, AZ 85281
This Value-Add Investment Asset is listed at $409,900, positioned above the $315,380 Fair Market Value due to its proximity to ASU and Seller Financing availability. Carrying a Condition Rating of 4, the home requires interior updates but features a new roof, updated plumbing, and a private patio. The large lot provides space for a casita or expansion, serving the high-demand district near Scales Technology Academy, Gililland Middle School, and Tempe High School. This is a strategic acquisition for Buy-and-Hold Investors or Short-Term Rental Operators.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1064 W 5TH Street Subject | $399,900* List Price | 3 | 1 | 912 | $406 | - |
A 512 S MARGO Drive Pending | $400,000 List Price | 3 | 2 | 1,064 | $376 | 0.2 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1951, this property is functional but significantly outdated, featuring a vintage kitchen with old appliances, window AC units, and mismatched wood-paneled walls. While the listing notes essential 'recent improvements' like a new roof and updated plumbing which prevent a 'poor' rating, the interior requires comprehensive cosmetic and functional modernization to meet current market standards.
Situated just one mile from Arizona State University and minutes from Tempe Town Lake, this property is ideally positioned for high-demand student housing or a successful short-term rental.
The large lot and lack of HOA restrictions provide a significant opportunity to increase equity by expanding the square footage or adding a detached casita.
The availability of seller financing offers a rare entry point for buyers, while recent updates to the roof and plumbing provide a solid foundation for future renovations.
At only 912 square feet with a single bathroom for three bedrooms, the current layout is undersized for modern family standards and may require immediate expansion.
Despite some updates, the 1951 construction may still harbor dated electrical systems or insulation issues common in homes of this era, potentially leading to higher utility costs.
Charming brick home in a prime Tempe location less than 1 mile from Arizona State University and minutes from Tempe Town Lake. Potential exists to expand the square footage on side and backyard. Adding additional room/bath/or casita. Perfect setup for AIRBNB or student housing. Convenient access to the Loop 202 makes commuting around the Valley easy. This property features solid brick construction and recent improvements including a new rolled roof and updated plumbing, providing a strong foundation for future updates or immediate occupancy. No HOA, offering flexibility for homeowners or investors.
No exterior & parking available.
Grades K-5 • 0.1 mi
Grades 6-8 • 0.6 mi
Grades 9-12 • 1.3 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 3.0 | 50% |
| Baths | 1.0 | 2.0 | 13% |
| Square foot | 912 | 1,546 | 13% |
| Lot Size | 6,730 | 6,730 | 50% |
| Price | $399.9K | $0 | 61% |
| Price per sq ft | $438 | $0 | 96% |
| Built year | 1951 | 1958 | 17% |
| HOA | $0 | $0 | 50% |
| Days on market | 93 | 2174 | 4% |
Apr 29, 2026
$399,900
$409,900
-2% Price Drop
Initial Listing
Mar 5, 2026
$409,900
Initial Listing