Have you been to Arizona. I have seen some of your other questions and you ask some questions that really cannot be answered due to fair housing laws called steering! I think the best advice that can be given here is really in the form of a few questions.
1. What kind of a return are you looking for?
2. What price ranges are you looking in?
3. What is your ultimate goal in your investment strategy?
Answer those questions and I think you will be able to get some better guidance. But the best advice I can give is hire a buyers agent to represent you and discuss this one on one! Return on investment is best determined by individual buyers. Do you want a move in ready home? Are you okay buying fixer uppers? Do you want newer homes? What size homes do you want again so many things that need to be discussed to help you...contact a local Realtor and get some guidance that way, this is a tough forum to get the results you want. But I wish you the best of luck feel free to contact me through here or through my website for more information.