Investing in Phoenix metro area
I am a new investor and trying to buy my very first rental property here in Phoenix, Arizona. I am targeting a single family home, 3 br around 1600 sq ft under 300k. The areas i am focusing on are Tempe/Chandler/Gilbert as these areas are considered good for family and for rentals. So far from what it seems like, it is a highly sellers market, and even though houses will appreciate a lot in my given areas, but getting cash flow is next to impossible despite putting a 20% down. I am hardly breaking even on pretty much all the deals i have analyzed so far. At this point i am too new to go with BRRR or getting into rehabilitating properties to buy anything below market value. All the deals under 300k seems to be selling over asking prices and have multiple offers on them within a few days. Am i focusing on the wrong area/property type/bed room count etc?
I can still buy something in these areas however, i will only be gaining with appreciation in value these areas are experiencing, with no COC ROI at all. But seems like most people look for 12% cash on cash ROI.
What do i do? Should i focus on townhouse? Condos? I have no idea.
Any investor based in AZ if can help out. I will really appreciate it.
Thank you