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522 W 1st St SUITE 103
Tempe, AZ

522 W 1st St SUITE 103

$536,600
2 bd • 2 ba • 1,735 sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$536,600

Price/Sq.Ft

$309

Year Built

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

This property excels with its prime location at 522 W 1st St, Tempe, AZ 85281, which is in the heart of downtown Tempe. The price per square foot of $309.28 is competitive for the area, especially considering its central location. With 1,735 square feet, it offers ample space compared to many downtown condos or apartments. The 2 bed/2 bath layout is versatile and suits various lifestyles. Its proximity to Arizona State University makes it attractive for both investors (potential student rentals) and professionals working in the area. The current rental rate for a 2-bedroom in Tempe is $1,920/month, suggesting a potential gross rental yield of about 4.3% (before expenses), which is reasonable for a prime location property.

The Bad

The property lacks detailed information about its features, utilities, and systems, which raises concerns about its condition and potential hidden issues. The year built is unknown, which could indicate an older property requiring significant updates or maintenance. The price of $536,600 is high compared to the median income in Tempe ($49,204), potentially limiting the pool of local buyers. The lack of property description and room details makes it difficult to assess the quality of finishes and any recent upgrades, which are crucial factors in determining value in this price range.

The Ugly

The extreme heat in Tempe (with summer temperatures often exceeding 100°F) puts significant stress on HVAC systems, potentially leading to high energy bills and frequent maintenance needs. Without information on the HVAC system's age and efficiency, this could represent a substantial hidden cost. The property's location in a desert environment means potential issues with water scarcity and conservation measures, which could impact landscaping costs and water bills. The risk of dust storms (haboobs) in the area can affect air quality and potentially damage the property if proper sealing and maintenance are not in place. Given the property's downtown location, there may be concerns about noise pollution, especially if it's near busy streets or nightlife areas.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is best suited for: 1. Young professionals or faculty members working at Arizona State University or in downtown Tempe, seeking a spacious urban living experience. 2. Investors looking to capitalize on the student rental market, given its proximity to ASU. 3. Empty nesters or retirees downsizing from larger homes but still wanting ample space in a vibrant, walkable area. 4. Buyers with household incomes of $150,000+ who can comfortably afford the mortgage payments (assuming a 20% down payment and current interest rates). 5. Those who prioritize location and are willing to potentially invest in updates or improvements to customize the space to their needs.

Not For

This property is not suitable for: 1. First-time homebuyers or those with incomes near Tempe's median of $49,204, as the price point would be prohibitively expensive. 2. Families requiring more than 2 bedrooms or those desiring a traditional single-family home with a yard. 3. Buyers seeking a turnkey property with known history and documented recent updates. 4. Those highly sensitive to heat or with respiratory issues that might be exacerbated by dust storms and air quality concerns. 5. Investors looking for high cash flow properties, as the potential rental yield is modest compared to other areas.
Demographics
Area Median Income

$49,204

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Risk Assessment

Risk Analysis

1. Unknown age and condition of major systems (HVAC, plumbing, electrical) could lead to significant repair or replacement costs. 2. Potential for high energy costs due to Tempe's extreme heat and unknown energy efficiency of the property. 3. Possible special assessments or increasing HOA fees, which are common in downtown condo buildings but not disclosed in the available information. 4. Market volatility risk: Tempe's real estate market can be influenced by ASU enrollment trends and local tech industry growth, potentially affecting future value. 5. Environmental risks including extreme heat events, dust storms, and flash floods, which could impact property condition and insurance costs. 6. Potential for noise pollution and parking issues due to the downtown location and proximity to ASU. 7. Water scarcity issues in Arizona could lead to increasing water costs and potential usage restrictions in the future.

Financials

Monthly Costs

Location & Comparables

Subject Property
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Frequently Asked Questions

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Potential Savings

$16,098

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