Either way I recommend listening to all the episodes of Glen Sutherland’s podcast “A Canadian investing in the US”Hey Zorya!

If I protect my numbers, interest rates would have to be 3.5% or so in order for a 1% house to work (assuming 20% down), which means for $3000 rental revenue to work, the debt load would have to be about $235K at that interest rate (give or take with variable taxes and insurance numbers). 

Taking advantage of this investor friendly window would be worth it!

What action are you planning to take to get started?

Even though I am in south central Pennsylvania, I have the ability to lend in all 50 states.  

You need to take a longer-term view of how it's likely to perform in the future.

Welcome @Bianca Meza all the best on your real estate journey!!

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. 

Would it be a good idea to take a deposit to secure the deal until the rule clears?

And thats not including how long it takes.