233 E Cairo Drive, Tempe, AZ 85282, Tempe, 85282 - 4 bed, 2 bath
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Tempe, AZ 85282
This Versatile Single-Family Residence is a High-Potential Investment Opportunity, listed at $535,000—positioned below the $552,446 Fair Market Value by 3%. This valuation gap provides $17,446 in Instant Equity. Boasting a Move-in Ready Condition, the home features a Granite Kitchen, a private patio, and a permitted 400 sq. ft. Bonus Room with a separate entrance. Located minutes from ASU with a proven $3,600 monthly rental history and NO HOA, it offers significant cash-flow potential. This is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking a value-add lifestyle.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 233 E Cairo Drive Subject | $530,000* List Price | 4 | 2 | 2,146 | $258 | - |
A 1209 E CAMPUS Drive Sold | $374,900 List Price | 4 | 3 | 2,085 | 0.9 mi | |
B 1122 E GENEVA Drive Sold | $535,000 | 4 | 2 | 1,834 | $292 | 0.8 mi |
C 1059 E BROADMOR Drive Active | $660,000 List Price | 4 | 2 | 2,268 | $291 | 0.8 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
The property is move-in ready and has been well-maintained with several key updates. Although built in 1960, the kitchen features granite countertops and stainless steel appliances, and the home includes new carpeting in the bedrooms, seven new windows, and tile flooring throughout the main living areas. The interior appears clean with modern touches like recessed lighting and ceiling fans, meeting the criteria for a well-maintained home within its expected lifespan.
Situated in the heart of Tempe, the property is an 8-minute bike ride to ASU and conveniently located near the 60 and 101 freeways, making it highly attractive to students and commuters.
With a 12-year history of consistent rental income at $3,600 per month and no HOA fees, this property offers a turnkey opportunity for investors seeking strong cash flow.
The permitted 400 sq. ft. carport enclosure features its own entrance, providing a flexible space ideal for a home office, studio, or additional bedroom to maximize utility.
Built in 1960, the home may require more frequent maintenance or future upgrades to its original infrastructure compared to newer residential developments.
The conversion of the carport into living space leaves the property without covered parking, which can be a significant drawback during the extreme Arizona summer heat.
4 Bed 2 bath Home is in great Location! Granite kitchen. Beautiful home in the heart of Tempe. Tile thru out. Big Bonus room, NO HOA, Priced right to sell. Don't miss out on this incredible home and area. Amazing home for both family or investment property. This home has generated income for 12 years consistently and rents for 3600 a month. On the Orbital bus system for ASU. New Carpet in the bedrooms, new windows (7), updated kitchen and extra space was built in when the carport(Permitted) was enclosed to create an additional 400 sf for bedroom, office, gym, or studio, with its own entrance. Perfect for families, college students, an 8 min bike ride to ASU and close to the 60 and the 101. Home has gas heat and gas water heater.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 4.0 | 3.0 | 55% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 2,146 | 1,763.5 | 78% |
| Lot Size | 7,457 | 8,335.5 | 23% |
| Price | $530.0K | $412.5K | 70% |
| Price per sq ft | $247 | $251 | 49% |
| Built year | 1960 | 1969 | 11% |
| HOA | $0 | $0 | 50% |
| Days on market | 20 | 2120 | 1% |
Apr 19, 2026
$530,000
$535,000
-1% Price Drop
Initial Listing
Apr 2, 2026
$535,000
Initial Listing