I owned a MTR in Tempe for 6 years, with almost 100% occupancy.

If you're located in North Tempe or Scottsdale and it's renovated, I've seen comps trade at well north of $170K a door.

@James Barnes, I'm also a local rental investor with properties in Tempe and Gilbert.

Was informed that a majority of small MF are concentrated in Phoenix, Mesa, Tempe, and Glendale. 

Hi Young,There are good and bad areas everywhere, but some cities that will most likely have more A/B neighborhoods: Scottsdale, Tempe, North Phoenix/Paradise Valley.Good luck!!

Tempe is quarterly by default.

Spending all that cash and to have it tied into one deal presents a poor ROI.That property is in the Sunnyslope area and I'd rather take that 160k and buy a single family in North Peoria, Gilbert or Chandler, Scottsdale, or Tempe.

I've been temped to move myself but knew I could create opportunities in my backyard.

HELOC temp solution,  then you get the sec 121 exclusion and if you did a rental you can combine it with 1031 as well and at that point you really have funds to scale up.

Don't forget the porta-potti and TESC (temp. erosion and sediment control - straw waddles, sock basins, etc)