If you had more experience in construction and/or rehab, my suggestion might be different.  

It's never too late to start in REI the BP community has a wealth of knowledge and excellent community members and pros who are willing to help. 

Any suggestions on where to start?

I'm not suggesting that they are, but I'm curious as to the market forces you are witnessing that would cause you to say that.

I might suggest checking out smaller cities in Arizona outside of Phoenix. 

I might suggest looking at parts of Arizona as its closer and just about as affordable. 

I not by any means an expert, but I would suggest having alternative outs planned for anything you might buy for a student rental in case a project doesn't pan out.I've recently found the Tallahassee Investors Network and those guys put together a great gathering once a month that I'd highly recommend you make the trip over for.

Excellent point, @Jeff KehlSo what is a good / more reasonable price point for buying houses to flip?

The article above suggests that rents are increasing faster than prices, which would lead to increasing cap rates.

Any suggestions would be greatly appreciated.