- What metrics do you use to measure "good"Ex "Hi I'm looking to buy a single family home in Richmond TX in the $150-200k price range.

Table 1-4 is the Rollover Chart in IRS Publication 590 that can guide you.

Buying a house near the comps would be a bad deal since they would be buying at a premium.

I warn people over and over and over to know what they are buying and to go personally see what they are buying. 

And there are no counties that ban out of state investors buying investment properties.  

There is another house about two blocks over that I have the opportunity to buy off market under market value.

That said, I’m assuming that someone must be buying these wholesale properties.  

Here's a detailed guide on how to screen applicants: Application Screening Guide

I am not sure if I would make the same decision today.However, if you think you can purchase real estate and have a SIGNIFICANT delta as an investment, I would not cash out the 401k now to buy real estate. 

With that said, I've done some research on the market and found the following information helpful in my considerations for Phoenix that you might find helpful as well:  Demand for both buying and renting property remains high due to the city's strong economy and growing population.