At the risk of sounding like a traditional sale person, I have to tell you that we haven't see buying opportunities like this in many years. Some folks say we've NEVER had buying opportunities like this. But you really need to do your homework. The starting point is price, but what area(s)of greater Phoenix do you want to consider? Is cash flow the issue, or is long term ROI your objective? Do you have somebody here to manage the property,or are you going to need to hire a property manager? Can you handle a vacancy factors, just in case? Do you have an experienced, full time,Buyer's Broker to assist and advise you through the searching, negotiating, contracting and closing processes?
Once you have a working relationship with a Realtor, s/he can set up property searches for you, run comparable sales and otherwise guide you through everything. Let me know if I can be of further assistance.
All the best!