200 E Southern Avenue Unit 224, Tempe, AZ 85282
- $249,900
- 2
- BD
- 2
- BA
- 941
- SqFt
- List Price
- $249,900
- Status
- ACTIVE
- Days on Market
- 131
- Price Change
- ▼ $5,100 1781150947
- MLS#
- 7009928
- Subtype
- Residential
- Year Built
- 1986
- Bedrooms
- 2
- Bathrooms
- 2
- Full Baths
- 2
- Living Area
- 941
- Lot Size
- 1,202
- Acres
- 0.03
- Subdivision
- Chesapeake Condominium
Property Description
Investor opportunity in the heart of Tempe! Tenant-occupied 2 bed / 2 bath condo providing immediate rental income with optimized mid-term rental upside potential. This unit features a highly desirable split floorplan, inside laundry, a private shaded balcony, and spacious living areas. Unbeatable location just 2.5 miles from ASU, shopping, dining, major valley employers, and immediate freeway access. An attractive option for buy-and-hold investors, 1031 Exchange buyers, and portfolio growth. Active HOA community repair projects offer a built-in equity cushion and long-term value enhancement. Dues cover exterior maintenance, roofing, blanket insurance, water, sewer, trash, and access to 2 heated pools and hot tubs. Buyer to independently verify all property rules. Highest & Best Use Strategy: While currently stabilized as a long-term rental, this asset is primed for an optimized roadmap to transition into a premium 30-to-90+ day Mid-Term Rental (MTR) to capitalize on high-yielding traveling medical, corporate, and transitional academic stays. Financing & Cash Advantage: Due to ongoing community asset stabilization and repair cycles, this property is currently non-warrantable and requires an all-cash close. Cash investors can capitalize on this status to bypass financed retail competition. Turnkey Rental Infrastructure: Property is situated in an always-in-demand rental hub with local property management infrastructure available for seamless out-of-state portfolio integration. Pro Forma Availability: Data-backed pro forma models outlining both the stabilized long-term rental math and optimized mid-term rental metrics are available upon request.
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Additional Information
- Interior Features
- Full Bth Master Bdrm, Granite Counters, Vaulted Ceiling(s), No Interior Steps
- Exterior Features
- Balcony, Storage
- Taxes
- $1,195
- HOA Fee
- $445
- HOA Freqency
- Monthly
- Flooring
- Carpet, Tile
- Heating
- Electric
- Air Conditioning
- Central Air
- Exterior Construction
- Wood Frame, Painted, Brick Veneer, Wood Siding
- Stories
- 2
- Parking Features
- Assigned Parking, Detached Carport
- Elementary School
- Broadmor Elementary School
- Middle School
- Connolly Middle School
- High School
- Tempe High School
- View
- City
Mortgage Calculator
Listing courtesy of Listing Agent: Liza Rhima (480-788-4016) from Listing Office: Delex Realty.
All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Copyright 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved.