Its the nicest I've seen so far and would not require any work to get going.List price is 635HOA $400Tax $5300Their typical rental ranges from 380-900.Sorry for the basic question but I am new to this and this would be investment property #1.I am not sure about these numbers but am I close?

AZ is the most affordable of those two, as there are strong markets like the Phoenix area that have a wider price range.

But how, they provide business and feed a lot of the local families who contribute even further to the local economy.Not many folks run their rentals from out of state, majority leave near by and they rent out their secondary homes, manage them selves.Certain percentage even moves in campers on the property or out to campgrounds for the simple reasons to make it trough and get more income.Just laying points of view.Living in a seasonal tourist town near national park is a challenge on its own...To begin with house prices have never been cheap...Curently your "starter homes" are in the 300k range and in my eyes a lot of them are full gut remodels....I can't say when was the last time numbers for LTR made sence around here...

I think it depends on your objectives of the analysis.

There are properties in that price range I see them every day and under so hopefully that s boost in confidence. 

Unless you lie about you residency, the max LTV on a cashout would be 75%, which puts you with a mortgage of $435k (getting only $45k in cash), non-owner occupant properties have higher interest rates, so you likely in the 3.75-4% range for 30yr.  

@Brandi Croom Would you share a link to something in the 150-200 range that can be fixed and rented for 1900?

I'm finishing up a rehab in my residence and realized I want to rehab single-family/small multi-family properties in the 100-200k price range, then either flip or hold depending on the property.

So currently the market I'm in, homes sell for an average price of 250K and range from 200K to 300K. 

We are located in the Colorado Front Range.