607 W 15TH Street, Tempe, AZ 85281, Tempe, 85281 - 3 bed, 2 bath
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Tempe, AZ 85281
This Strong Value Opportunity is a turnkey Single Family Residence listed at $585,000, positioned above the $542,527 Fair Market Value. Despite the premium, the property offers a Buy-and-Hold Investor immediate stability through a prepaid 12-month rent incentive and a 2-year lease. Featuring a 2021 Remodel and a 2024 HVAC system, the home maintains a Condition Rating of 2. Its proximity to ASU and lack of HOA make it a prime rental asset for Income-Focused Investors seeking consistent, low-maintenance cash flow in a high-demand corridor.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 607 W 15TH Street Subject | $585,000* List Price | 3 | 2 | 1,631 | $322 | - |
A 538 W 16TH Street Sold | $500,000 | 3 | 2 | 1,612 | $310 | 0.1 mi |
B 901 W 16TH Street Sold | $425,600 | 3 | 2 | 1,480 | $288 | 0.2 mi |
C 1100 W 9TH Street Sold | $539,000 List Price | 3 | 2 | 1,588 | 0.7 mi | |
D 1812 S SHAFER Drive Sold | $456,000 | 3 | 2 | 1,274 | $358 | 0.6 mi |
E 1721 S SHAFER Drive Active | $494,900 List Price | 3 | 2 | 1,776 | $279 | 0.5 mi |
* Subject property listed price vs sold prices of comps.
Property is new construction or fully renovated.
The property underwent a comprehensive $75,000+ remodel in 2021, featuring a modern kitchen with shaker cabinets and quartz countertops, along with updated bathrooms. Major systems are in peak condition, including a brand-new HVAC system installed in 2024 and a new water heater, requiring no immediate maintenance.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 7130, living area = 1631.
The seller prepays 12 months of rent ($36,000) at closing with a signed 2-year lease, providing investors with a turnkey 4.78% cash-on-cash return and zero vacancy risk in the first year.
Located just seven blocks from Arizona State University in a high-demand rental corridor with no HOA, this property is perfectly positioned for long-term appreciation and consistent tenant pools.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 1631, other record living area = 1519.
The local elementary, middle, and high schools are all rated a 3/10, which may deter traditional family buyers and limit the property's appeal for owner-occupancy resale.
Despite the 2021 cosmetic remodel, the 1960s block construction may still harbor aged plumbing or electrical components typical of homes from this era.
Beautifully remodeled Tempe home just blocks from ASU w/ no HOA, a rare 2-car garage, highly livable single-level floor plan. Updated in 2021 w/ $75,000+ in improvements, this 1,631 SF block-construction home features white shaker cabinetry, dark quartz countertops, hardwood flooring, matte black fixtures, updated baths & clean neutral finishes. The layout includes a spacious living room, open kitchen to family/dining area, French doors to a covered patio & large tree-lined yard, 3 bedrooms including a primary w/ walk-in closet, interior laundry, pantry & storage shed. Major updates include a 2024 Daikin 4-ton HVAC with 12-year warranty and new 50-gallon gas water heater. The property is currently occupied, & the occupant will sign a 2-year lease at close of escrow if Buyer elects.
No exterior & parking available.
Grades PK-5 • 0.7 mi
Grades 6-8 • 0.6 mi
Grades 9-12 • 0.4 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 3.0 | 50% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 1,631 | 1,548 | 73% |
| Lot Size | 7,130 | 6,723.5 | 59% |
| Price | $585.0K | $0 | 91% |
| Price per sq ft | $359 | $0 | 95% |
| Built year | 1960 | 1959 | 55% |
| HOA | $0 | $0 | 50% |
| Days on market | 55 | 2199 | 5% |
Apr 22, 2026
$585,000
Initial Listing