Purchase out of state

[Peter Padalino]

So here's our thought....we live in Colorado, but are interested in investing in Arizona. We spend a fair amount of vacation time in AZ and plan to retire there within the next 10 years. 

We're considering some 3/2 properties south of metro PHX, but the rental calculator, with all variables results in $0 (to slightly negative) cash flow . Our intentions are to rent to the snowbird community -  Dec-March and for our own vacation use the rest of the year. So I guess my question is that if our goal is more long term capital appreciation vs. rental income, does it make sense to buy and accumulate a portfolio of properties even though there's not any cash flow to speak of? 

Thoughts?

Thanks!