Actual cost takes into account depreciation so complete destruction of a property could leave you under water in terms of the amount paid for the loss.

I post my rental listings on FurnishedFinder and Facebook (there's a couple DU living fb groups) and have had a good experience with hardly any vacancies. 

Metron and Southern Water Management are two that we've been talking to.

Buyers don't look for financing and its foreign so they don't jump on a forsale listing on zillow.I've had the best (only) luck with zillow rental adds,   starting with the pitch;  rent to own, live in a great home while you pay off owning it. 

Quote from @Kyle Barnhart: I live near Phoenix and looking to invest locally.

Note that water penetration is not limited to flooding from rising water levels on the ground in a weather event.

And you probably need money for living expenses.

You said public water was available...would the lots require a septic system to be installed or is public sewer available? 

Many of the investors that I work with are from the West coast or the Northeast and it just doesn't make sense for them to invest around where they live.  

Complaints are always dicey when you live or have property in a jurisdiction they scan your license plate and have visibility into your property that may negatively impact you in the future.