Another thing to note, these are high-paying jobs being moved to Phoenix. 

But presuming you are talking about doing the above, this is a high risk strategy.

I've now used it twice.The program requires 10% down, must be a rental, no PMI, and has a very high standard of credit.Last I did it (Summer 2022), my rate landed in the low 5%.  

My mortgage should be about $2,100 after I get PMI eliminated and I was going to rent it to a friend that I have known since high school for $2,000 a month.

If one has high living expenses, cash flow doesn't mean much and I definitely understand going for appreciation first.

There's a lot more competition than previous years, and prices are high.

You will need to make sure that are no gaps in windows, doors, etc and that the HVAC system is well maintained as a tenant could argue that lack of remediation is the culprit for a high utility bill.

Indeed - I see bright future for North Carolina as a whole and for all major population centers like Charlotte metro, Research Triangle (Raleigh-Durham-Chapel Hill) and the Piedmont Triad region (Greensboro-Winston Salem-High Point).

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

They are usually looking at C or D properties that local agents tell them will “cash flow“ They usually don’t cash flow because of high maintenance and vacancy.