I would love to connect with some other investors in the area to talk about market trends.

@Lucas Carl & Account Closed  You are right that any property sitting vacant for 5 years is likely to be in bad shape.   

I'm young and looking for a good cpa who can help me shape my future.

It looks like it was a good basic house to start with, kept in reasonable shape.

Looking forward to staying in touch and keeping each other posted on market trends. 

While I don't know the Phoenix market very well, I've heard that employment trends have caused many investors to look into the MSA as a potential market to acquire in. 

Similarly, if you buy a house for $300k, you can have positive cash flow well below $3000/month rent (if the house is in good shape).I'll second @Michaela G. that there is rent-ready single family inventory available in the City of Atlanta for $90-120k that will rent from $900-$1,200/month.  

The house was in very good shape overall in a very desirable area of east Morris County NJ. 

I'd suspect most investors on here know what to do (If they don't the answer is on the site) but its a matter of actually "doing it"  Similar to the fact that I know how to get in shape, but do I do those actives?

Also you might be able to add a 2nd floor if the footing can support it, if it's a problem of not enough square footage...that may be cheaper than a tear down but probably not if it is really old or in bad shape...