It is more volatile, but it has higher appreciation rates because property prices are so much lower compared to the surrounding cities.Did you hear of the water shortage/water rights issue in EPA? 

My lease says the rental will be provided pest-free and I will cover any pest issues for the first two weeks.

It sounds like the passivity of having a new construction rental with low cap ex and hopefully not many repairs would be beneficial in your situation.I am not sure which exact community you are considering but I would definitely make sure whatever builder you are going with is high quality to avoid long term issues. 

Do you think I'd have issues renting it out and/or selling it?

For example: If a buyer find's unknown issues and wants to negotiate the price down, you may go back to the seller and discuss it with them.

Vacancy won't be an issue in this area and pretty confident it will be filled up as it's near to almost everything like train stations, grocery stores, hospitals etc. 

You'll operate without issue in Phoenix.

We do have the rural issue, but I have some great cleaners and various service pro's who drive the hour one way out to the lake house.It is pretty much wide open where we are at.

Ensure that your submission includes all the necessary information and adheres to the architectural guidelines set by your HOA.Regularly inspect your property for any maintenance issues or violations of the HOA rules.

I grew up in Northern Cali and ran into the same issue trying to find deals in 2021.