You may also want to check the Columbus OH market - great macroeconomics with lots of job and population growth along with major companies developing here that drive strong rental demand. 

If you haven’t already, I’d scope out the municipalities around town.. from what I read in The Economist, the Phoenix metropo area continues to rank high for job growth, which usually bodes well for new builds.

First day on the job?

This will increase the return above what can be obtained on a passive investment.The flipside of having the power to control everything is that it can be alot of work (and a full-time job if a person is putting in sweat equity).

If you are clearing $100/door with mortgages, each month, and your rent is $1200, one month of vacancy killed your entire cash flow for the year - two months means you better have a job or some extra money sitting around to pay that mortgage. 

The influx of tech jobs, manufacturing, mining, and Californians there is a strong population and combined with limited to no multifamily new construction we expect a severe housing shortage.

@John Matthew Johnston 80% of the time, it's a thankless job:(You're never fast enough for complaining tenants, nor fast enough or cheap enough for owners.To have any chance of success, you have to be extremely organized, or every day starts with your hair on fire!

Job and Talent Loss : The duration of recovery has and will continue to force migration.

If that's the case, check out some of the economic data about what cities have strong job and population growth.

But to put it in perspective I was only making $35,000 a year at my day job.