I own a 1.25 acre property in the foothills of the Estrella Mountains just outside Phoenix. The lot sits up high on a hill and is surrounded by beautiful mountain views 360 degrees around. As the adjacent properties on 3 sides cannot be built on, it would be a beautiful, private location for an up-scale home.

I'm considering relocating to another state within the next 6 months, but some day might like to retire back in the Phoenix area and live on the property.

With the current low interest rates and building costs relatively inexpensive, it seems like a good time to build. I'm considering building a nice home in the range of 4500 sq ft on the property and renting it out for the next 8-10 years. If my preliminary estimates are accurate, I'll have a mortgage of around $2500.

Can anyone with experience in the rental market give me their thoughts on the current rent-ability of a property like this? Also, where might I find data on the Phoenix area rental market? Thanks!