Northern Arizona...Good choice.I just bought a property in North Phoenix on the east side the Phoenix Mountan Preserve that I'm trying to figure out what to do with.

However, it's easy for them to forget when wanting to hang a picture, etc. a nail goes through the wall/joint compound. 

Tough to nail down a case for that. 

Cash flow, returns, hedge, preservation of capital, equity growth, ability to refinance, etc., etc.... 

Blake hit the nail on the head!

Dude, you nailed it!

Rents for single-family homes have largely kept pace, preserving much of the healthy margins to which yield-starved investors have grown accustomed since diving into the rental business a decade ago.

We were done accumulating,  chilling in preservation phase.Newer and still accumulating I'd look to optimize my ROI. 

You nailed it and the only thing I would add is that if you're looking at location strictly through a recession-proof lens, the most important thing would be number of jobs in healthcare, federal government, education, IT, insurance, utilities, and other sectors that still do well in a downturn.

This exactly the the sort of thing that this thread is targeting, and I think Scott Trench nailed it.