You may also want to consider looking in the Scottsdale area as it will provide you with more options as well as an area typically showing high rental demand in the Phoenix metro-area.
Please feel free to contact me should you have any questions.
Stacie Durnford, Owner/Designated Broker
UrbBurb LLC | 602.595.4454
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Let me know if I can help!
Real Estate Professional / Prestige Realty
Bianca Bennett / 602-570-7898
Turning your Dream into an Address
Coldwell Banker Residential Brokerage
There are as of 8/7/12 36 single family homes priced below 1 million. So what your looking for is becoming scarce.
You're correct in assuming that values have increased recently. We're seeing a frenzy of buying activity from investors and home owner's alike. There are multiple offers on virtually EVERY listing, sometimes within hours of it hitting the market. Inventory levels are down considerably versus 2011, but the demand is just as strong if not stronger. This demand is driving prices up in most areas of Phoenix and the surrounding communities.
If you'd be open to Scottsdale, that would dramatically increase your options and the number of 'Active' homes listed for sale under $500k. The rental market is strong there as well, so you likely wouldn't have an issue renting out a clean home in a nice neighborhood.
I would also suggest the Ahwatukee Foothills section of Phoenix (ZIP codes 85044, 85045 & 85048). This is an excellent area of gorgeous homes, and it's located in a VERY desirable school district (Kyrene) which is a high priority for families with school age children. Rents are typically higher here than in most parts of the Valley and there are several nice homes available in the sub-$500k range. I anticipate values will continue to climb in this area over the next several years as fast as anywhere in the Valley.
I'd be more than happy to assist you with these investment options.
I work with several excellent contractors who specialize in rental/rehab/flip properties. Their work is excellent and they can provide references upon request.
Send me an email with your contact info and I'll reply with a list of homes from Scottsdale or any other area that you might be interested in.
Realty ONE Group