Phoenix and surrounding area - too hot or still opportunity?

[Michael T Fahey]

Newb investor excited about Phoenix from a macro perspective, but wondering if experienced folks think it is too late or hot? Are there areas of town (including Scottsdale etc in surrounding areas) that are better than others for opportunity - like up and coming? Focused on simple buy & rent initially (no flipping or wholesaling, open to BRRR or one requiring only cosmetic updates), either SFH or duplex with traditional financing. Also, what is reasonable rent:purchase price ratio for the market - like 1%? Thank you!