@Jamie ParkerAppreciate the effort and plan you are taking - it part of every plan is to re evaluate to move forwardHow much time have you spent compared to how much have you made?

It would be great to compare notes - how do you feel about expanding your search radius or even considering new-build opportunities further inland?

This allows you to compare prices quickly.

     * House is a 2699 sq/ft Single Family Residence| 3 beds, 3 bathroom | Built in 1956 | NO HOA     * There is a chance I could pay only interests so I can start saving some cash for the incoming maintenance and annual payment equivalent to the 12 monthly payments (~$5,029.77 per year during the balloon period)The advantages I can identify in this deal for me are:* Lower interest compared with traditional loans* Lower down payment compared with the ones compared for traditional loans* House is technically ready to be rented (waiting for the inspection) * Forecast - 3 yr growth (appreciation) is expected to be 8.1 % (Bigger Pockets)The disadvantages I can identify: * I am still vulnerable to foreclosure if sellers don't make mortgage payments to the bank.* Refinancing issues at the end of the Balloon Payment?

There are a lot of variables to consider so it's impossible to say if investing in one of those other markets would have been "better".However, I think you could make a stronger case that you have been (or would be) more successful with your real estate investing in Chicago compared to other markets.

It seemed that it was about a $300-400 difference in monthly rent in that market for comparable properties that allowed vs. didn't allow pets. 

A HYSA is a type of savings account that offers higher interest compared to traditional savings accounts!

As others have noted the number of MF properties in the greater Phx area is low compared to many markets and the number for sale is even lower.

This can easily happen when the person valuing the property does not account for differences in the subject property and those chosen as comparables.   

Since they can't do each property individually, they use comparable sales to make broad generalizations to determine percent changes.