4224 S 46TH Place, Phoenix, AZ 85040, Phoenix, 85040 - 2 bed, 1 bath
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Phoenix, AZ 85040
This Functional Value-Add Townhouse represents a Strong Value Opportunity with a List Price of $180,000—positioned well below the $190,085 Fair Market Value by 5%. This valuation gap secures $10,085 in Instant Equity for the incoming owner. Featuring a Condition Rating of 4, the home offers energy-efficient block construction and a fenced private courtyard with a dedicated storage shed. With a projected 6% cap rate and central Phoenix location, this asset is perfectly suited for Buy-and-Hold Investors or first-time buyers seeking a low-maintenance entry into the market.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 4224 S 46TH Place Subject | $170,000* List Price | 2 | 1 | 924 | $172 | - |
A 4608 E RIVERSIDE Street Sold | $180,000 | 3 | 1 | 1,008 | $179 | 0.0 mi |
B 4608 E RIVERSIDE Street Sold | $180,000 | 3 | 1 | 1,008 | $179 | 0.0 mi |
C 4510 E WOOD Street Sold | $170,000 | 3 | 1 | 1,008 | $169 | 0.1 mi |
D 4523 E WOOD Street Sold | $145,000 | 3 | 1 | 1,008 | $144 | 0.1 mi |
E 4523 E Wood Street Sold | $145,000 | 3 | 1 | 1,008 | $144 | 0.1 mi |
F 4523 E WOOD Street Sold | $145,000 | 3 | 1 | 1,008 | $144 | 0.1 mi |
G 4604 E RIVERSIDE Street Active | $175,000 List Price | 2 | 2 | 924 | $189 | 0.0 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1972, this townhouse is well-maintained and functional but shows its age. While the bathroom has been partially updated with a newer vanity and the interior features clean carpeting and tile, the presence of popcorn ceilings, older exterior stucco, and dated utility fixtures align with the 'fair' criteria. It represents an aged property kept in livable condition through regular upkeep rather than a recent comprehensive renovation.
The block construction provides superior insulation, which is a significant advantage in the Phoenix climate for reducing power bills and ensuring structural durability.
With a projected 6% cap rate at the asking price and a central location near major employment hubs, this property is highly attractive for both rental investors and first-time buyers.
The inclusion of a fenced-in private courtyard with a security door and a dedicated laundry/storage shed offers a level of privacy and functional utility rarely found in similar townhomes.
Built in 1972, the property may require ongoing maintenance or updates to its aging infrastructure and systems compared to more modern residential options.
The assigned public schools for this address all carry a rating of 3/10, which may limit the property's appeal to families prioritizing high-performing educational districts.
5.25% assumable VA loan, or interest rate buy down available! Come see this charming condo near work, school, & public transportation. Family Room can accommodate a variety of furniture set ups. The bedrooms are a good size & the bathroom has been upgraded. Block construction will save you money on power! You will love the functionality of the kitchen & eat-in area complete with stove/oven/refrigerator/hidden dishwasher. Tons of potential here! Perfect starter or start over home. Includes fenced in private courtyard with security door and locks for privacy. Two parking spots PLUS more parking near the private playground. Secure laundry/storage shed off of the private courtyard. Great as a rental too! Comps suggest a 5.7 cap at asking. Unbeatable central location, and low maintenanc This is an Assumable VA loan at 5.25%. Seller does not need his entitlement. OR if you go with the buydown, the 1% one year rate buy down is a lender paid incentive, ask for more details. We have options!
No exterior & parking available.
Grades PK-5 • 1.3 mi
Grades 6-8 • 1.6 mi
Grades 9-12 • 2.3 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 0.0 |
| Baths | 1.0 | 0.0 |
| Square foot | 924 | - |
| Lot Size | 1,042 | - |
| Price | $170.0K | $341.8K |
| Price per sq ft | $184 | $259 |
| Built year | 1972 | 0 |
| HOA | $182 | $0 |
| Days on market | 168 | 1211 |
May 18, 2026
$170,000
$175,000
-3% Price Drop
Initial Listing
Apr 27, 2026
$175,000
$180,000
-3% Price Drop
Initial Listing
Feb 5, 2026
$180,000
Initial Listing