There is no shame in taking some time to hunker down and reassess everything, and potentially sell. 

I would also be curious to see what the market rents in the area are to see what the potential upside is. 

Concerns: Although the cashflow is good, we weren't sure it's valuation and potential for appreciation since there is no good comp like this property in the area.

What I hear from a lot of potential investors is that I just want a property that hits all the numbers I've read about in a book or heard about in a seminar.

Eventually, I would like to open my potential beyond state lines.

Mike, My recommendation would be during due diligence for a potential purchase, ask for past 12 months of all utility bills, property taxes, and any other municipal requirements like rental permits, occupancy inspections etc. 

@Anton TikhomirovPrices and potential (cash flow) returns can be slightly misleading if the investor only looks at these. 

@Brandon Ortiz: each strategy has its own risks and potential rewards.Owning rentals, you have the constant maintenance and tenant risk associated with owning property.  

@Tom EvansCongrats on the potential STR in AZ.As for a shared well agreement, they can be tricky (even when it does not involve STR usage).

If you are going to stay local and considering a condo, you really have to look at fixer condos and at least 3 bedrooms for it to have potential.