Welcome Joshua, I work the Atlanta market.  

If the rents are already nearing market rates, will she be able to go up that much? 

I am local to the Memphis market.

San Antonio is a hot market still for flipping.

Market crashed in N.

you can still find good deals more west of the freeway in SLC or off market in SLC or south salt lake but they are harder to come by

I suspect maybe something like Hagerstown or Cumberland, which yeah are Class D like markets with declining populations, high drug problems, no strong job base which leads to non paying tenants.

Personally, I would never live in PHX, but that is all personal biases (I prefer seasons and greenery), and clearly lots of people choose to live in PHX.At the end of the day, I would argue market selection almost only comes into play when you are talking assets that cater to institutional buyers that have to get investment committee sign off. 

We do them here in Phoenix market.

With a good chance of a recession coming, have cash available to take advantage of the best deals to hit the market in years.