Hi Mark,

Your plan is sound and perfectly doable in the current market. Your price segment between 250-300k is the one that is currently driving the whole Sedona market, so there is a lot to choose from in all areas of Sedona, both in West Sedona and in the Village of Oak Creek. Depending on the age, and condition of the house, you can definitely find quality properties in the segment and not necessarily distressed homes such as short sales and foreclosures. Regular resales are now priced similarly to distressed properties in order to be competitive. The quality of the home is particularly important if you are planning on renting it for a number of years. 1200Sqft is considered small for our market, so you may end up with something bigger.
Another important consideration in your purchase is that often times you cannot entirely cover your mortgage monthly payments with you rental income. Depending on the situation, it usually covers about 75% of it.
The next step is to familiarize yourself with Sedona neighborhoods and their offerings, secondly narrow your search criteria, and identify homes of interest. Last but not least, obtain a letter of pre-qualification from your lender. It would be advisable to doall this prior to your Sedona visit in July.
Warm Regards,
Elisa Andreis
Russ Lyon Sotheby's International Realty

Dear Mark:
Thank you for the inquiry. You can definitely buy something in Sedona within your price point. Currently, the Foreclosures and Short Sale dominate that price point - and there are some nice value to be found. Also, have you considered a condo? That might be another possibility . There are better rental areas in Sedona than others - and I would welcome the opportunity to discuss the market with you. On Trulia, we are not allowed to solicit business directly, so you can reach me via my website at http://www.barbarabaker.com. Thank you for the inquiry and I look forward to hearing from you. P.S. We came here 7 years ago from the City after living there 25 years.... Best regards, Barbara Baker

Absolutely do-able! I invite you to e-mail me at holly@verdevalleyrealestate.com so we can begin communicating about the process. As a NY transplant, I'd be happy to help!