Also, by using the remaining time on your lease you have time to explore different neighborhoods and find hidden gems. 

I'm from out of town, and currently in escrow purchasing a 4-plex in Columbia, SC.

I also have been able to find a few off-market deals by driving around town and contacting owners through the county tax site.

Be forewarned, we are not the cheapest guys in town and are selective about he properties that we take under management, but I'd be happy to talk to anyone about investing in Indianapolis even if you're not looking for property management.

Check the town you are renting in for an unrelated persons ordinance.

It's a small college town, but it's been really trending lately.

If so, I would love to hear where you live so I can explore the area. thanks!

The largest reason is because zoning ordinances and regulations have changed in a number of these cities and towns.  

In a smaller town or a hot market you may have a realtor approach you asking if you pay a commission...but most will ignore your house.

As you know Phoenix is very diverse so buyers will be diverse.I still think you need to figure out what type of investor you want to be, then the forum will be able to provide suggestions on which parts of town you want to focus on.