If your rental income increases faster than inflation, you will have the additional dollars you need to pay inflated prices.

They sold two appreciated duplexes in Dallas and we turned them into 8 units in Mesa, AZ with higher cash-flow, and much closer proximity to Southern California.I'll add to your Phoenix "pros" list:1) Landlord friendly rental rules2) Easy evictions in < 30 days3) Rents are rising faster (on a % basis) than many other metro areas4) Low property taxes (and the property taxes don't sky rocket after a purchase as they do in CA)5) Very low vacancy and extremely high tenant demand.

For me in 2023:No LLC’s, 12 properties in 2 states, only 1 state income tax, no w-2’s, a pension and a 1031 exchange.I was charged $1,275, up from 2022 when I was charged  $1,175 but didn’t have an exchange.

If you truly don’t believe the property will appreciate and that rents will increase faster than expenses you should NEVER buy that property.

Hop on Airbnb and scan nearby properties of similar size to get a feel for what they offer at the price points charged.

But that extra $7200/year will go a long way in paying down your loan faster, build up another downpayment fund, pay off other debt, etc. 

We use Turbotenant now and they offer it to the renters for a small charge.

This approach ensured minimal holding costs and a faster return on investment.

In my market we are not allowed to charge above market rent for section 8 and why charge below market on a standard lease. 

That may allow you to save for another property faster.