SFH investment in Phoenix metra area

[Steven C.]

Hello,

I'm from San Jose, CA and am interested in finding long term buy and hold SFH rental properties. I'm new to all this, so maybe this isn't the right strategy, but I'm not looking for multi-family or a lot of cash flow. I'm looking for long term appreciation and having the rental payments pay the note over over time. Hence I'm looking for a SFH in a good school district that would attract good tenants and appreciate over 10, 20, or even 30 years. Let me know if this makes sense. I'd love to hear thoughts on this.

What communities should I be looking at in the Phoenix metra area?  I'm looking for a 3/2 1500 sq feet.  I'm been looking at closed sales and rental prices in Zillow to get an idea.  Here's my rough ball park numbers:

Location:  Chandler, AZ (Hamilton HS)

Price:  $375K

Down + closing: 25%  $100K

Tax+ HOA + Insurance + Vacancy + Maint per year: $2400 + $600 + $1000 + $1000 + $2000 = $7K

PITI @ 4% = $1343

Cost per month = $1343 - $7000/12 = $1926

Estimated rent:  $2000