REI in Tempe 85281

[Michael Shao]

Hello RE investors in Phoenix ! 

I was thinking about buying an investment property in tempe, probably near 85281. 

the idea is to rent it out to ASU students. My budget is about 100k to 150K, so probably a condo. 

I am looking for an approx 5% cash on cash return annually and wait for the appreciation. 

I am not from the area, given the current RE market, do you think this would be a good investment ? 

Or do you have other recommendations ? 

Any input is appreciated !

Thanks 

Mike