I've decided that finding "deals" in Arizona is unnecessary as there are other markets that one need not search high and low to find something that can produce a decent cash-on-cash return.

for me, the ones that cashflow the most are the ones that I bought with 3% long term debt, they were new (low maintenance) and they are in high appreciating areas(just a bonus but does not impact cashflow).

Ironically, high income earners can make more passive income through tax mitigation than they can through buying high cash flow deals in nearly every situation. 

There are two types of return from a rental propertyCash Flow & Appreciation.I normally also aim for a minimum of 8% return between Cash-Flow and Appreciation.Appreication, nationally, is around 2% to 3% annually.Therefore, your goal is to get the cash-flow to be about 5% to 6%.The issue is interest rates being very high, you would therefore, need to buy at a pricepoint where the numbers still make sense.You can always put down more of a downpayment to cash flow, but that will impact your cash on cash return calculations.Best of luck!

Rental arbitrage isn’t common in my area ( high point North Carolina) but I was planning on starting in another state.

There's a lot more competition than previous years, and prices are high.

When we present a Subto for investors to buy, it has to have enough meat on the bone, all said and done, that the investor will still have equity and the property will cash flow.For instance, I have one I'm working right now, that has a high entry, because the seller wants some cash out to himself, but even with that, the buyer will wind up with $50,000 in equity.

Interest rates are pretty universal across country, you are in a high demand, high cost area.  

If prices are too high people will just go elsewhere.

I do need a property that is not very expensive, which is why I have been looking into Clevland due to their low selling prices and high appreciation rates.