The median Sales price in Tempe is 242k and I'm getting the house at a 20% discount.

To discount everyone else but yourself as a new person acting like one of experienced authority, IMO, needed to be pointed out. 

@Jay Hinrichs The property is pretty steeply discounted, and is worth 430k in its current condition.

The answer is in the math of the discounted cash flow analysis.

(You will get deals at steep discounts..

@Randy Charboneau is also a great source for discounted investment properties.   

However, the property doesn't have enough equity to be a wholesale deal but it can be sold to a regular buyer at a discount.

I highly suggest only buying something if you feel you are buying at some sort of discount to market value.

You can buy back the Baltimore ground rent at a cap rate of 6% or negotiate it at a higher rate to get a discount.  

You would have to buy at a very deep discounted price like $40-50 cents on the dollar if u buying cash so these will have to be REO properties that need some cosmetic repairs for example I am buying  1 families out here for $26k cash (4beds 11/2baths )rehabbing for 10 k .