Keep in mind, with a $500,000 budget in PHX, you'll likely be investing in more B and C class neighborhoods and assets (most duplexs and tr-plexs are found in Mesa & PHX). 

I narrowed down to a different REIA then Elisio tips.  

My next round I have experience of which credentials I need to show in the listing which will help reduce traffic and narrow in on the best applicants for the property. 

Don't wait to start Step B and C just because Step A isn't done yet - whether it's learning, analyzing a deal, or whatever is next for you, do what you can when you can. 

You may need to narrow some of the search criteria down: great schools, great economy, but the market isn't hot yet?

I'm trying to take action to narrow down, but want to do so strategically. 

I'm trying to take action to narrow down, but want to do so strategically.

If you are ever in this position again, I know if might feel awkward or uncomfortable, but try to have your ducks in a row and get in your offer to them sooner to give you the best chance at a deal.Now that the opportunity has passed, you need to do your homework to really narrow down the criteria it is going to take to make this property a viable investment.  

I base it on location, price and then what kind of tenants your would ideally like to help narrow down the search

Narrowing down a few markets and being an expert in that market may give you a key advantage where you see value that someone else missed.