Looking for buy-and-hold multi-family (4 unit) in Phoenix, Arizona

[Rick Wheeler]

Hello BP!

I am currently looking for for buy-and-hold investment property somewhere in the Phoenix area. I have already found several deals where the cash flow is great, and I plan to make a trip out there (coming from So Cal) before the end of the month.

I am just curious what the community thinks about the Phoenix market having seen a dramatic increase in property value in the last year. I'm mainly concerned about buying at peak prices, leaving no room for appreciation. However I have also read that the influx in property purchases by investors were made mainly on SFR's. I know that their strategy is to rent the properties out, is that bad news for me and my potential multi-family unit in terms of increased vacancy?

My main goal for these properties is mainly cash flow and not so much appreciation, but I definitely do not want to see any depreciation either.

Any thoughts from those in the Phoenix market would be greatly appreciated!