775 E First Place Place, Mesa, AZ 85203, Mesa, 85203 - 3 bed, 2 bath
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Mesa, AZ 85203
This property presents a High-Potential Investment Opportunity with a List Price of $350,000—positioned well above the $285,425 Fair Market Value by -22%. While the property requires significant capital for a Fair Condition Rating, the 10,119 sqft lot and attached 468 sqft casita provide substantial value-add potential. The unpermitted carport enclosure necessitates careful due diligence regarding financing. This asset is best suited for Buy-and-Hold Investors or Contractors capable of navigating renovation and permitting requirements to maximize long-term equity.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 775 E First Place Place Subject | $350,000* List Price | 3 | 2 | 1,162 | $246 | - |
A 1539 E 3RD Street Sold | $399,000 | 3 | 2 | 1,274 | $313 | 1.0 mi |
B 1539 E 3RD Street Sold | $399,000 | 3 | 2 | 1,274 | $313 | 1.0 mi |
C 545 E UNIVERSITY Drive Active | $429,000 List Price | 3 | 2 | 1,425 | $301 | 0.4 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1948 (76 years old) with no mentioned renovations, this property is explicitly marketed as a 'remodel opportunity.' The presence of unpermitted construction and the age of the structure suggest significant needs for system updates and structural rehab.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 10119, living area = 1162.
The property includes an attached 468 sqft casita featuring a full kitchen, en suite bathroom, and a separate guest entrance, offering excellent rental income potential or guest accommodations.
Situated on a massive 10,119 square foot lot, the property provides significant outdoor space and rare flexibility for future expansions or landscaping projects in an established area.
The two-bedroom carport enclosure is unpermitted and not included in the official square footage, which may complicate financing, appraisals, and future permitting.
Built in 1948 and marketed as a remodel opportunity, the home likely requires a large capital injection to update aging infrastructure and bring the interior to modern standards.
Amazing remodel opportunity with multi-generational potential with an attached 468sqft casita with full kitchen, en suite, and separate guest entrance. The main house features 2 bedrooms and 1 full bathroom and is situated in a massive 10,000 plus square foot lot., The total 1,162 square footage of the home does not include the unpermitted 2 bedroom enclosure of the car port.
No exterior & parking available.
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 | 1,162 | 2,164.5 | 8% |
| Lot Size | 10,119 | 10,262.5 | 47% |
| Price | $350.0K | $394.5K | 45% |
| Price per sq ft | $301 | $202 | 82% |
| Built year | 1948 | 1983 | 3% |
| HOA | $0 | $0 | 50% |
| Days on market | 31 | 2320 | 3% |
May 18, 2026
$350,000
Initial Listing