Quote from @Brendan Jones: For the homes, and or properties that you will use as a primary or a rental property one big thing I look for is infrastructure in the area, extrinsic value (I.e. hospitals in the area, schools, and job market), and the last thing is creature comforts for people (I.e. is a store to get groceries 1 hour away or 2 minutes away).

Personally, I would never live in PHX, but that is all personal biases (I prefer seasons and greenery), and clearly lots of people choose to live in PHX.At the end of the day, I would argue market selection almost only comes into play when you are talking assets that cater to institutional buyers that have to get investment committee sign off. 

It's a super affordable real estate market where you can still find deals that hit the 1% rule and positive cash flow/great cap rates.

Honestly, unless you’re in a high-end market where buyers or renters expect it, dropping thousands on a sprinkler system probably isn’t your best ROI move—especially if the property has been sitting for months.

For multifamily, target markets with strong rental demand, value-add opportunities, and creative financing options like seller financing or private capital.

And yes it sure isn't what it seems, especially in this market.

Hello Jaycee, I would say around $250K in the current market...

Are the tenants paying market rents?

Quote from @Bud Meacham: The market is very competative in California.

In this area, market values hit around $4.95 million, giving you a solid 131% ROI.