Just to echo @Tal Simpson, I was very pleasantly surprised when I visited Birmingham.

I live in Orange County in California and am looking to invest in Dallas due to the affordable cost of real estate, the landlord friendly laws, my family that knows of a good property manager there, and it is a buyer's market.

The sellers know the next buyer will find the same issues.

So yes, there may be an indirect hit on flippers who will find fewer buyers.

Buyers normally dont pay them.

This is very unappealing to most buyers.

They can do unlimited cash-out refis and are pleasant to work with.

Buyer puts down 20%. 

The state Arizona is growing at a phenomenal case anything you get yourself into you can't lose it's still a buyers market and there is time in the future to sell it and you'll make a really big enough to retire.

The seller will capture some of the potential and the buyer will discount the future potential against the risk and cost of achieving it and that means you will meet somewhere in the middle.The best way to figure it out is to build a pro forma showing the schedule and costs involved and figure out how much you are willing to pay to achieve your investment goals.