I first spent time in Phoenix studying the market in 2010.  The single family market has become increasingly competitive
since that time as prices started increasing in 2011 and lower-priced inventory dwindled.  The single-family median price
was down to $109 574 in 2011, but hit $146 000 within a year and then $175 000 in 2013.  This past May, 2014,  the
most recent information I have, it had reached $192 000.

The market has turned a little during the last 4-5 months, with sales slowing and more inventory becoming available.  Part
of the reason for this is the exit of hedge funds and other bulk buyers of distressed property from the market.  This is good
news for investors, since sellers may be willing to accept less profit to move their property and consider offers that meet
your cash flow expectations.

The Phoenix economy has recovered much better than expected.  Reliant on construction and the housing industry in the past,
the city is currently showing robust job creation, increasing employment diversity, and continued strong population in-migration.
I believe that Phoenix is a good choice for long-term cashflow and appreciation, as long as you strategically choose your location.

I recently spent three months in Phoenix from January to April 2014 studying the city and researching the various neighborhoods.
Phoenix has surprisingly high crime rates in many areas as well as many low-income neighborhoods.  Growth and development
are focussed in specific areas and corridors.  I studied large areas of Phoenix and now know most of the city.  If I do not know
an area, I will not offer wholesale property to my investors.

Because of strong fundamentals, Phoenix can also offer opportunity to reposition or hold multi-family properties.  Price per
unit has increased quickly since late 2011 and there is the opportunity to find value-plays with built-in profit.