They are bent on passing laws and creating secondary legislation that puts all but the largest lenders out of business.

It is the #1 neighborhood in the entire country for the largest price spread between rehabbed and non-rehabbed homes.

@Michael Evans  well I bought that 4 acres on a lark.. and low and behold Graton Indians build the largest gaming casino in all of Northern CA right across the street from me.. bring in all the UTLS city zones me mixed use residential.. and if you know RP there is NO new construction literally NONE huge housing crisis.. so we are just going through planning at the moment..

Again, there's more factors involved, but this is the largest issues when migrating a site. 

@Anthony LaBarbera  The Pocono water parks have caught on and the Kalahara Water Park will soon be the largest in the US. 

My properties are mostly in 43615 which is the largest zip code in Toledo.

Property taxes are my largest standing cost on most of my buildings so I get that cost reduced and want to keep it low.

So, yes, appreciation would probably be the largest draw to purchasing an investment property right now.

The potential "black swan's" IMO are in federal government debt (and central banks around the world), corporate debt, and global geo-political stability, but I'm not too worried about personal debt.The largest portion of personal debt, by a long shot, is mortgage debt ... lending standards on mortgage debt are still tight by historical standards ... just ask anyone who has applied for a mortgage recently how strict underwriting is.

The PHX market will present the largest challenge since that is your target market.