406 E COLGATE Drive, Tempe, AZ 85283, Tempe, 85283 - 3 bed, 2 bath
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Tempe, AZ 85283
This Value-Add Townhouse represents a Strong Value Opportunity with a List Price of $325,000—positioned well below the $344,053 Fair Market Value by 5%. This valuation gap provides $19,053 in Instant Equity for buyers ready to modernize the interior. Featuring a Condition Rating of 4, the 1,439 sqft layout offers significant upside through cosmetic updates. Located in a high-demand Tempe area near Marcos De Niza High School, the property includes a unique private patio with fireplace. This is a strategic acquisition for Fix-and-Flip Investors or Buy-and-Hold Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 406 E COLGATE Drive Subject | $325,000* List Price | 3 | 2 | 1,439 | $239 | - |
A 517 W DUKE Drive Active | $385,000 List Price | 3 | 2 | 1,426 | $270 | 0.8 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1978, this property is positioned as a 'value-add' opportunity requiring cosmetic modernization. While the living area features newer laminate flooring and the kitchen has some updated stainless steel appliances, the home shows significant signs of age and wear, including heavily stained carpeting in the bedrooms, dated laminate countertops with visible edge wear, and original-style cabinetry and fixtures.
Centrally located near major commuter routes, shopping, and dining, this property sits in a high-demand area with strong long-term rental and resale appeal.
As a single-owner property with a functional 1,439 sqft layout and solid bones, it offers a significant opportunity for investors or buyers to build equity through cosmetic modernization.
Residents benefit from a private patio with a unique outdoor fireplace and access to well-maintained community features including a pool and expansive green spaces for a low monthly HOA fee.
The property is positioned as a 'value-add' opportunity, meaning it likely requires a full cosmetic remodel and modernization to meet current market standards.
Built in 1978, the home may require updates to major systems or structural elements that often accompany properties of this vintage that have not been recently renovated.
Value-add opportunity in a prime Tempe location. Centrally situated near schools, shopping, dining, and major commuter routes, this townhouse offers strong upside potential. Cosmetic remodel, rental, first time home buyer, and more! The home features a functional and spacious layout with a large living room, dedicated dining area, galley kitchen, oversized laundry room, and generously sized bedrooms. The solid floor plan provides an excellent canvas for cosmetic updates and modernization. Single-owner property with room for improvement, making it ideal for an investor seeking to renovate and build equity. The private patio with outdoor fireplace adds a unique outdoor living feature, while the well-maintained community offers expansive grassy areas and a pool- amenities that enhance long-term rental and resale appeal. An excellent opportunity to add value in a central Tempe community with enduring demand.
No exterior & parking available.
Grades K-5 • 0.4 mi
Grades 6-8 • 1.1 mi
Grades 9-12 • 1.0 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 2.0 | 69% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 1,439 | 1,439 | 50% |
| Lot Size | 3,498 | 3,254 | 69% |
| Price | $325.0K | $223.5K | 77% |
| Price per sq ft | $226 | $226 | 50% |
| Built year | 1978 | 1986 | 23% |
| HOA | $179 | $195 | 38% |
| Days on market | 49 | 807 | 8% |
Mar 4, 2026
$325,000
Initial Listing