Richard - your plan sounds good, but I just read that 1 out of every 4 home sales in Phoenix is to an investor. That' a scary number.
Our house is similar to the $370K house except we have a three car garage where hers is a two car garage.
It's funny (well sort of), but my business used to do work for builders that were out of my price range in Atlanta. We could buy some seriously nice houses in Atlanta now.
This one is in the same zip code where we lived in Atlanta, is "only" $340,000 in a neighborhood of 1/2 to 2 acre lots, full basement...