The Southeast Valley in general is performing extremely well and is definitely a seller's market.

I have my previous home in my rentals and it is by far my worst performing rental.  

No telling if that's a great price without being on site and seeing the true scope of the work being performed but my initial judgement is that it seems high.

If you're not sure how to perform these calculation, I'm sure there's many resources on this site and online that can assist with these calculations. 

If you want to take things a step further, focus on one tenant and learn everything you can about their business operations/stock performance, site selection criteria, preferred developer network, lease structure(s), cap rate trends, etc.  

An exotic sports car?

So you have to find a property that is likely not so nice, and buy it for a "AS-IS" price, then make improvements and enjoy the reward.Curb appeal drives rental pricing; If an neighborhood rents for $1,400 normally, and you find a rundown home renting for $950. 9 out of 10 times, its renting cheap because the LL wont improve the property, and likely has non performing tenants in it... so you buy at a cashflow price on the $950 minus repairs, then rehab and rent it for $1,400.

Once you self-direct your 401k you can purchase performing mortgage notes that pay 12% annually (paid 1% per month, with no fees).  

A collection agency, PI, or a company looking to perform due diligence on its customers would have permissible purpose.  

Lots to the story, but it boils down to poor work being performed initially and a project manager that let things slide.