Plenty of Patio Homes in Tempe. Unfortunately there are never a ton of them for sale at any time.
In my opinion, the upside to Patio Homes or Condos is the lack of maintenance to the exterior.The major downside is the high HOA fees and close proximity to your neighbor. The good news on the higher HOA fees is the bulk of the structure insurance is included in the HOA fees.
Right now there are low owner/occupant ratios. What that means is that many lenders won't lend FHA or VA loans that have higher than 50% "non" owner occupant ratios. Cash purchase or 20% down conventional is the only way to pay for the property. Thinking forward on this, when you go to sell it might have the same restrictions. If you purchase today, rent out the structure and sell in 20 years it is probably a great investment. SHORT TERM Investment strategy, probably not.
ASU is located in Tempe, so if you are looking for an investment property to rent out "Prime Location"
Here is a list of Tempe Homes for sale near the College
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