I didn't have much money, and not much experience but I used my background in finance to put together a syndication and buy an old office building and drive thru on .59 acres with the purpose of developing housing.My passion was creating housing in a city with under 2% vacancy and skyrocketing housing costs.

On crime... one positive trend is that APD, in partnership with the courts, has lowered the previously skyrocketing murder rate.

They’ve been solid investments, with rising rents and property appreciation, but over the last 2 years, skyrocketing HOA fees and stagnant value growth have reduced cash flow.

Jeremy Congratulations - I grew up in that area and cost of housing has skyrocketed while incomes have not, so there definitely is a need for affordable housing in that area (as well as pretty much everywhere else)

As you're very aware, appreciation here locally has skyrocketed in the past ~4 years.

The cost per sf skyrockets as house size decreases. 

They sold two appreciated duplexes in Dallas and we turned them into 8 units in Mesa, AZ with higher cash-flow, and much closer proximity to Southern California.I'll add to your Phoenix "pros" list:1) Landlord friendly rental rules2) Easy evictions in < 30 days3) Rents are rising faster (on a % basis) than many other metro areas4) Low property taxes (and the property taxes don't sky rocket after a purchase as they do in CA)5) Very low vacancy and extremely high tenant demand.

This is important, because the only way the Fed gets aggressive about rate cuts is in the face of skyrocketing unemployment.

You will get away from income taxes and annual registration fees by going to the townships, but your property taxes skyrocket which may offset some of the rent increases.

Going into the unknown and buying multiple SFHs/duplexes or an apartment complex OOS and my property taxes will skyrocket (property tax is reasonable thanks to Proposition 13 in CA).