I suggest you decide what area is appealing to you and focus on a rental that is not too far away from where you live (within 20 miles). Then have an agent run rental comps for you so you know what you can realisically receive in rents and if that makes sense for cash flow. If you live in the SE Valley may I suggest Tempe, Chandler and Gilbert depending on the price range you want to be in. Always take into consideration if your rent is very high you may be limiting the rental market you are trying to capture. Also having a proactive agent marketing your rental means you are more likely to have it rented in the least amount of time. Condition and location are important so easy access to freeways, schools, and shopping is another factor. If you need more info you can contact me directly at 480-560-5554.