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

The property's strong market demand made it an ideal candidate for a profitable fix-and-flip project.

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. 

The key for me wasn't to invest in the 'best place' but to know a market so well that a deal jumps off the page when it appears.

Even when the market is down, gradually adjust rents so tenants don’t experience a huge price shock later.

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

Be sure to check out the free tools BP provides to help analyze deals you may have and also market insights.

I highly recommend investing in a property management software, such as Hospitable, for syncing your calendar, automating messaging, and scheduling cleans, as well as a dynamic pricing tool, such as PriceLabs, for optimizing your pricing based on market demand, local events, and seasonality. 

Quote from @Shayan Sameer: Quote from @Samuel Diouf: Columbus, Ohio is a great market to consider if you're looking for appreciation markets that still have cashflowing deals under $200k.

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