740 W ELM Street 160, Phoenix, AZ 85013, Phoenix, 85013 - 2 bed, 2 bath
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Phoenix, AZ 85013
This Value-Add Urban Condominium represents a strategic acquisition with a List Price of $229,900, which aligns with the $229,900 Fair Market Value. Holding a Condition Rating of 4, the unit functions well but requires cosmetic modernization to the kitchen and flooring to maximize its ROI. Located in a gated community near the vibrant Melrose District and light rail, the property features a private patio and excellent urban connectivity. This is a high-potential asset for Buy-and-Hold Investors or Owner-Occupants looking to build equity through renovation.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 740 W ELM Street 160 Subject | $229,900* List Price | 2 | 2 | 929 | $247 | - |
A 2 W GEORGIA Avenue 12 Sold | $239,900 List Price | 2 | 3 | 1,266 | 0.9 mi | |
B 3848 N 3RD Avenue 1052 Active | $275,000 List Price | 2 | 2 | 1,042 | $264 | 0.9 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1984, this property is in functional condition but requires cosmetic updates to meet modern standards. While the kitchen and bathrooms feature some improvements like granite countertops, the cabinetry, appliances, and flooring are dated. The listing description explicitly mentions that the price reflects the need for updates and encourages buyers to bring their 'imagination,' which aligns with the 'fair' condition criteria.
Situated in a gated community with excellent proximity to the light rail, downtown Phoenix, and the vibrant Melrose District, offering high convenience and urban accessibility.
The 2-bedroom, 2-bathroom layout provides a practical and desirable configuration for roommates or small families within a manageable 929 square foot space.
Priced to account for necessary updates, this unit offers a significant opportunity for buyers to build equity through personalized renovations and modern styling.
The property is noted as needing updates and imagination, implying that immediate capital investment will be required to bring the interior up to modern standards.
A monthly association fee of $330 adds a fixed recurring expense that may impact the overall affordability and cash flow for potential investors.
Don't miss out on this great opportunity to own this unit in centrally located gated community. Close to the light rail for a quick hop to all the fun downtown Phoenix has to offer. Close to schools, groceries, banks, entertainment and fun restaurants/boutiques at the nearby Melrose district. Bring your imagination/style and make this your own oasis. Price reflects some updates needed. Don't miss out!
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 2.0 | 50% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 929 | 1,173 | 16% |
| Lot Size | 887 | 752 | 68% |
| Price | $229.9K | $318.5K | 26% |
| Price per sq ft | $247 | $281 | 26% |
| Built year | 1984 | 1979 | 58% |
| HOA | $330 | $290 | 58% |
| Days on market | 121 | 2285 | 11% |
Dec 26, 2025
$229,900
Initial Listing