2401 W Southern Ave #184 · Tempe, AZ 85282

$58,000

2 bd · 2.0 ba · 1,344 sqft · MultiFamily · 120 Days on market

Built 1974

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Welcome to elevated, low-maintenance living in The Meadows, a vibrant active adult community in Tempe where comfort and connection come together effortlessly. This fully remodeled 2-bedroom, 2-bath home features dual en-suite bedrooms--offering ideal privacy for guests, seasonal visitors, or flexible living. Inside, you'll find high-grade caramel cabinetry, wood-look flooring, and a curated blend of modern lighting, designer fixtures, and upgraded hardware that create a warm, upscale feel. The thoughtfully designed layout includes a bright eat-in kitchen perfect for casual mornings, along with a formal dining room, either can easily serve as an elegant sitting area or private home office--a

Key facts

• Wood-look flooring
• Fully remodeled home
• Formal dining room

Tags

• FULLY REMODELED HOME
• DUAL EN-SUITE BEDROOMS
• HIGH-GRADE CABINETRY
• WOOD-LOOK FLOORING
• BRIGHT EAT-IN KITCHEN
• FORMAL DINING ROOM

Property features AI

Finance

• Other: Lot size and building area reported by assessor/owner
• Financial info: Monthly land lease amount
• HOA & community: Land lease community (monthly land lease fee); Association fees include water, sewer, and trash; Community pool; Community spa; Community media room; Community laundry and coin-operated laundry; Fitness center; Biking/walking path; Near bus stop

Exterior

• Parking: 2 covered parking spaces; 2 open parking spaces; 2 carport spaces
• Security: Gated community
• Utilities: City water; Public sewer
• Home design: Manufactured/Mobile home; Leasehold ownership; Asphalt road access
• Construction: Wood frame construction; Painted exterior; Metal roof
• Exterior features: Screened-in patio(s); Storage; Shed(s); Sprinklers in front; Gravel/stone front and back; Automatic timer for front irrigation

Interior

• Kitchen: Built-in microwave; Laminate countertops; Pantry; Built-in electric oven; Dishwasher; Disposal; Eat-in kitchen
• Bedrooms: 2 possible bedrooms
• Flooring: Carpet; Laminate; Linoleum
• Bathrooms: 2 full bathrooms
• Heating & cooling: Ceiling heating; Central air conditioning; Ceiling fans; ENERGY STAR qualified equipment
• Interior features: High speed internet; Double vanity in bathroom(s); Master bedroom on main level; Eat-in kitchen; No interior steps (single level); Pantry; 3/4 bath in master bedroom; Laminate counters; Dishwasher; Disposal; Built-in electric oven
• Laundry & utility: Inside laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $58k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $58k).
• Recommended offer: $53k (9.0% below list) — sets the bar for market timing.
• Cap rate 30.7% vs local median 3.4% in Tempe — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 78/100 on livability (#10 in AZ, #2,527 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools C-, cost of living C-, health & safety D.
• Tempe School District (4258) (urban): math 17% / reading 29% proficiency, ranked #170 of 249 in AZ (top 68%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents soft (-1.6%/yr); 178 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 36,011 units permitted in Maricopa County in 2024 (12,801 in 5+ unit buildings).
• This rent runs 30% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $401 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Maricopa County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $16k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $22k (28%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 6→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $52,780 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 3.45% ✓
• Cap rate: 30.67%
• Cash-on-cash: 87.07%
• DSCR: 4.87
• GRM: 2.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 84.2%
• Equity multiple: 4.68×
• Total profit: $59,826
• Equity at exit: $8,648

10-year hold

• IRR: 86.7%
• Equity multiple: 8.77×
• Total profit: $126,220
• Equity at exit: $5,015

Cash invested: $16,240 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Arizona: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

5-day pay-or-quit; AZ courts known for speed; no state rent control; cities preempted by state law.

Methodology + full state rankings →

ZIP-level market 85282

• Rents YoY: -1.6%
• Active inventory: 178
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $1,999 high
• Mortgage (P&I): −$304
• Tax est. 1.5%: −$72 /mo · $870/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $1,178

Break-even live

Break-even rent $507

Max offer price $58,000

Occupancy floor 36%

Sensitivity live

Price	-10% $1,218	-5% $1,198	+0% $1,178	+5% $1,158	+10% $1,138
Rent	-10% $1,020	-5% $1,099	+0% $1,178	+5% $1,257	+10% $1,336
Rate	-1.0pp $1,208	-0.5pp $1,193	base $1,178	+0.5pp $1,163	+1.0pp $1,148

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $14,500
• Closing costs: $1,740
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2381 W Garden Dr #2365 Tempe, AZ	3.0	2.0	1442	$2,300	$1.60	0d	1	0.31mi
2381 W Garden Dr #2357 Tempe, AZ	3.0	2.0	1442	$2,199	$1.52	18d	1	0.31mi
2348 W Garden Dr Tempe, AZ	3.0	2.0	1398	$1,100	$0.79	18d	1	0.32mi
4365 S Potter Dr Tempe, AZ	2.0	2.0	1218	$1,985	$1.63	0d	1	0.32mi
2349 W Garden Dr Tempe, AZ	3.0	2.0	1396	$2,030	$1.45	0d	1	0.33mi
4389 S Potter Dr Tempe, AZ	3.0	2.5	1396	$2,150	$1.54	0d	1	0.34mi
1812 W Village Way Tempe, AZ	3.0	1.5	1148	$2,075	$1.81	2d	1	0.37mi
1818 W Village Way Tempe, AZ	3.0	2.5	1148	$2,150	$1.87	11d	1	0.37mi
1688 W Village Way Tempe, AZ	2.0	2.0	894	$1,650	$1.85	0d	1	0.44mi
2326 W Carson Dr Tempe, AZ	3.0	2.0	1050	$1,925	$1.83	0d	1	0.45mi
1608 W Inverness Dr Tempe, AZ	3.0	2.0	1602	$3,000	$1.87	0d	1	0.51mi
2401 W Fremont Dr Tempe, AZ	2.0	2.0	1074	$1,700	$1.58	2d	1	0.54mi
2231 W Fremont Dr Tempe, AZ	3.0	2.0	1204	$1,900	$1.58	11d	1	0.55mi
2231 W Fremont Dr Tempe, AZ	3.0	2.0	1204	$1,900	$1.58	0d	1	0.55mi
2231 W Fremont Dr Tempe, AZ	3.0	2.0	1204	$1,950	$1.62	15d	1	0.55mi
1600 E La Jolla Dr Tempe, AZ	1.0–3.0	1.0–2.0	881	$1,808	$2.05	0d	28	0.55mi
1600 W La Jolla Dr Tempe, AZ	2.0	2.0	948	$1,809	$1.91	4d	1	0.57mi
1600 W La Jolla Dr Tempe, AZ	2.0	2.0	948	$1,776	$1.87	2d	1	0.57mi
3226 S Albert Ave Tempe, AZ	3.0	2.0	1410	$1,500	$1.06	0d	1	0.57mi
1440 W La Jolla Dr Tempe, AZ	2.0	1.5	1075	$1,950	$1.81	0d	1	0.60mi
4901 S Calle Los Cerros Dr Tempe, AZ	1.0–2.0	1.0–2.0	868	$1,995	$2.30	0d	3	0.65mi
4901 S Calle Los Cerros Dr Tempe, AZ	1.0–2.0	1.0–2.0	868	$1,995	$2.30	2d	3	0.65mi
2150 W Alameda Dr Tempe, AZ	2.0	2.5	1155	$1,899	$1.64	23d	1	0.71mi
3615 S Margo Dr Tempe, AZ	3.0	2.5	1544	$3,000	$1.94	0d	1	0.75mi
7409 S 46th St Phoenix, AZ	3.0	2.0	1120	$1,975	$1.76	16d	1	0.91mi
4328 E Saint Catherine Ave Phoenix, AZ	3.0	2.0	1272	$2,000	$1.57	0d	1	0.93mi
4312 E Burgess Ln Phoenix, AZ	3.0	2.0	1025	$1,675	$1.63	0d	1	1.00mi
2520 S Plaza Dr Tempe, AZ	3.0	1.0–2.0	950	$1,901	$2.00	11d	19	1.02mi
2520 S Plaza Dr Tempe, AZ	3.0	1.0–2.0	950	$1,850	$1.95	0d	20	1.02mi
4424 E Baseline Rd Phoenix, AZ	1.0–3.0	1.0–2.0	930	$1,532	$1.65	0d	52	1.04mi
7027 S 43rd Way Phoenix, AZ	3.0	2.0	1203	$2,200	$1.83	25d	1	1.04mi
1016 W Manhatton Dr Tempe, AZ	3.0	2.0	1736	$2,400	$1.38	18d	1	1.08mi
1222 W Baseline Rd #261 Tempe, AZ	2.0	2.0	980	$1,400	$1.43	0d	1	1.12mi
4163 E Pecan Rd Phoenix, AZ	3.0	2.0	1182	$1,999	$1.69	15d	1	1.17mi
951 W La Jolla Dr Tempe, AZ	3.0	2.0	1383	$3,500	$2.53	0d	1	1.19mi
909 W Malibu Dr Tempe, AZ	3.0	2.0	1092	$1,850	$1.69	0d	1	1.20mi
5736 S Daisy Patch Pl Phoenix, AZ	3.0	2.0	1628	$2,375	$1.46	2d	1	1.21mi
5736 S Daisy Patch Pl Phoenix, AZ	3.0	2.0	1628	$2,375	$1.46	0d	1	1.21mi
5630 S Daisy Patch Pl Phoenix, AZ	3.0	2.0	1628	$2,395	$1.47	0d	1	1.23mi
2100 S Priest Dr Unit 1386547P Tempe, AZ	2.0–3.0	2.0	973	$2,196	$2.26	5d	2	1.25mi

Listing history 25 events

1. 2026-06-21
   days on market $58,000 Active 120 DOM
2. 2026-06-18
   days on market $58,000 Active 117 DOM
3. 2026-06-17
   days on market $58,000 Active 116 DOM
4. 2026-06-16
   days on market $58,000 Active 115 DOM
5. 2026-06-15
   days on market $58,000 Active 114 DOM
6. 2026-06-13
   days on market $58,000 Active 112 DOM
7. 2026-06-13
   days on market $58,000 Active 111 DOM
8. 2026-06-09
   days on market $58,000 Active 108 DOM
9. 2026-06-08
   days on market $58,000 Active 107 DOM
10. 2026-06-07
    days on market $58,000 Active 106 DOM
11. 2026-06-04
    days on market $58,000 Active 103 DOM
12. 2026-06-03
    days on market $58,000 Active 102 DOM
13. 2026-06-02
    days on market $58,000 Active 101 DOM
14. 2026-06-01
    days on market $58,000 Active 100 DOM
15. 2026-05-31
    days on market $58,000 Active 99 DOM
16. 2026-05-05
    historical Under Contract Accepting Backups
17. 2026-04-24
    price $62,000
18. 2026-04-09
    price $64,000
19. 2026-03-20
    price $69,950
20. 2026-03-13
    price $76,000
21. 2026-03-06
    price $78,000
22. 2026-02-21
    listed $80,000 Active
23. 2026-02-16
    historical $1,650
24. 2026-01-03
    price $1,650
25. 2025-12-25
    listed $1,750

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 9/10 Extreme 6 d/yr ≥111°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,988
• − Mortgage interest: −$3,249
• − Property taxes: −$870
• − Insurance: −$290
• − Repairs & maintenance: −$1,919
• − Management: −$1,919
• − Depreciation: −$1,687
• Taxable income: $14,054
• Est. tax owed @ 24.0%: −$3,373
• After-tax cash flow: $10,768/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Tempe School District (4258)
• NCES district ID: 0408310
• Math proficiency: 17% ▼ -19.00%
• Reading proficiency: 29% ▼ -10.00%
• Median HH income: $43,112
• Composite: 19.7/100
• National rank: #8721
• State rank: #170 of 249 in AZ

Livability — Tempe

• Score: 78/100
• State rank: #10
• US rank: #2527

Category grades

Amenities A+ Commute A+ Cost of living C- Crime F Employment B- Housing A+ Health & safety D User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tempe, AZ
• County: Maricopa County · 4,537,380 people
• City population: 193,337
• Metro: Phoenix-Mesa-Chandler, AZ
• Population (ZIP): 53,624
• Household income: $79,036
• Rent vs Own: 53.0% rent · 47.0% own
• Severe rent burden: 2973.0

Population outlook (Maricopa County) Hauer SSP2

• Today (2025): 4,979,203 people
• By 2030: 5,378,229 · +8.0%
• By 2040: 6,156,598 · +23.6%
• By 2050: 6,872,376 · +38.0%
• By 2075: 8,401,270 · +68.7%
• By 2100: 9,247,439 · +85.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 52% Hispanic / Latino 25% Two or more races 13% Black 9% Asian 6% Native American 3%
• Hispanic origin (detail): Mexican 19%
• Common ancestry: Italian 2% Romanian 2% Lithuanian 2%
• Foreign-born: 11% · Canada, China, Vietnam
• Languages at home: 79% English-only · Spanish 12% Chinese 1% Other Asian/Pacific 1%

Political lean MEDSL · Maricopa

• 2024 margin: Toss-up / Even · D 47.7% · R 51.2% · Other 1.1%
• 2008→2024 swing: +7.1pp toward D · 2008: -10.6pp · 2024: -3.5pp
• All cycles: 2024: R+3.5 2020: D+2.2 2016: R+3.5 2012: R+12.0 2008: R+10.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -343.77%
• Current HPI: 353.6986
• Rent YoY: ▼ -1.61%
• Metro: Phoenix-Mesa-Chandler, AZ
• State GDP YoY: ▲ 4.54%
• F500 in state: 20

Industry mix (Fortune 500 HQ in AZ)

Industry	F500 HQs	Revenue
▸Technology	2	$13B
▸Mining / Metals	1	$23B
▸Environmental Services	1	$16B
▸Metals / Steel	1	$14B
▸Technology Distribution	1	$9B
▸Homebuilding	1	$8B

Price history

+3442.9% since first listed

10 events — show timeline

• 2026-05-05 Contingent — ARMLS
• 2026-04-24 Price Changed $62,000 ARMLS
• 2026-04-09 Price Changed $64,000 ARMLS
• 2026-03-20 Price Changed $69,950 ARMLS
• 2026-03-13 Price Changed $76,000 ARMLS
• 2026-03-06 Price Changed $78,000 ARMLS
• 2026-02-21 Listed $80,000 ARMLS
• 2026-02-16 Rental Removed $1,650 Avail
• 2026-01-03 Price Changed $1,650 Avail
• 2025-12-25 Listed for Rent $1,750 Avail