Vacation Rental advice in Phoenix Metro Area

[Brad Starling]

My wife is accepting a position with a company in Phoenix that will require her to move to the area for about a year and help establish a new division to the company. After it is established, she will move back locally and help the company expand into our area.

Because she will be living there full time for a year, and then traveling back a few times a year, we are considering investing in a condo/townhome that we will be able to rent out after she's done with it.

My question is this. Is there a market for vacation rentals in the East Valley area? If so, best areas, and what events bring renters? Anyone here have one that is positive cash flow? I have only been to Phoenix once in my life, I just don't know the area.

What price range am I looking at for a property that would appeal to vacationers in the area. I would consider something that needs light rehab work, as I will go down there with her for the initial move, then probably spend a few days a month there. 

Pre-thanks for the replies!