I would attribute part of this delay to the time of of year, but I am also observing that price reductions have occurred on a significant number of properties as we head into the spring selling cycle.  

If you can invest it for 10% return then that is how much of your cash flow is actually attributed to the equity you have sitting in a property.If you purchase a $100,000 property with 10% down then $90,000 is costing you (@ say 4.5% interest) $337.50/ month and the $10,000 with a opportunity value of 10% is costing an additional $83.33/month for a total cost deducted from your cash flow of $420.83. 

Positive cash flow is the main attribute.

Numerous greats including Steve Jobs, Bill Gates, and Warren Buffett have attributed their success to focus.

ditto....I have a tenant, although never late paying, complained that she was having some sort of issue (skin rash) and attributed it to the "possibility" of mold in the home.

For sales of depreciable real estate, a maximum federal rate of 25% applies to the portion of gain attributable to your depreciation deductions.

Most of the horror stories I have heard on here are attributable to not having the right people working with you.

Just as a standard tenancy building will have different attributes relating to its ideal tenant and the type of tenant that will find the building ideal, each Airbnb listing has characteristics which much be taken into account (many have already been listed in numerous posts above some by yourself even :) ).I believe as the industry develops we will find more tools and templates come to surface to make it easier to determine individual profitability profiles and considerations for properties.  

It is more likely that location, size and other attributes will outweight this in a renter's view of the value of the place.You don't mention having a budget for renovations.

(especially if you buy a stucco'd home with a tile roof)Add to that the fact that Phoenix typically has better than average annual appreciation and you've got a good mix of positive investment attributes.