We're currently looking to purchase a property for <$500K so Phoenix is not a good fit necessarily for this first investment, but may consider increasing our target price for future purchases.

Quote from @Andrew Hinspater: Thank youI recommend you include some of your key qualification criteria in the advertisement.

First thing I'd recommend is figuring out your target market.

The targeted returns are net of all fees.

They can provide you with insights and access to deals that might not be widely advertised.

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

By targeting key areas that would increase buyer interest without a full renovation, we significantly boosted the property’s value.

One of my target markets has many large single family - 4 units at lower price points and I think it’ll be a good entry for rental income.

Capturing just 0.2% of that market equates to $36K (my high-end target of revenue). 

Focus on areas with low vacancy rates, strong rental appreciation and economic growth (check to see if businesses are coming or leaving and what unemployment looks like). during this phase you should decide what tenant profile you are going to target section 8 (or similar)?