Phoenix contains a rare combination of elements that have created an outstanding market for distressed property investments, including the following:Cost Savings: Distressed properties are sold below their market value and enable investors to take hold of properties at a trifle compared to traditionally listed properties.Strong Market Fundamentals: Being among the fastest-growing cities in the country, Phoenix ensures a high demand in housing and rentals, hence good potential for resale or income from rentals.Value Creation Opportunities: Most distressed properties need renovations; thus, such situations present opportunities for investors to increase equity by adding value.Population and Economic Growth: Phoenix remains among those cities in the country which are attracting more and more residents and business; therefore, this presents good, long-term appreciation possibilities of property appreciation and income creation.Challenges to ConsiderWhile the rewards can be great, distressed property investment is not without its challenges.

The home you saw listed with the $339 HOA are the townhouses that were built last year.

Pick a screening platform/application that makes sense for you.As for meeting the applicants, I recommend meeting them at the property to show the place to them rather than getting coffee or food with them.

@Zane Zelei  I'll be happy to put you on my list.

A realtor doing high volume, you don't have to use one you can poll 3-5 agents see what they do to get you the comps and then pick that person to help you.

You may have to pick something hard. 

Agree with others that you will probably need to lower the rent - suggest 5% every 2-4 weeks until activity picks up. 

If you had to pick a market in the PNW to invest in a long-term rental, where would it be?

Picking up flexible part-time jobs to qualify for a mortgage is definitely a smart move, as conventional lenders typically look for consistent W2 income.

I'm thinking I'll try out stressa and baselane for a week together and pick one.