The Phoenix market has also had really healthy, sustainable appreciation for several years now (with good indicators that will continue). 

You will have a tough time convincing a real estate agent to both run comps for you and make offers without any more screening than your analysis from 500 miles away.However, if you were to pore through everything that hits the market and look for anomalies like photo opt-outs, frustrated listing agents (from their comments), etc. you might be on to something. 

Based off your scenario, this property will still have a 12% Cap Rate which is healthy. 

I got the following:Still quite healthy from a strict monthly dollar amount standpoint, but the cash-on-cash is only 1.6%. 

But even then, the attorneys would need to think hard about what they would do if the Displinary Board decided to get involved.And then there is a healthy debate between the legal community in PA about what level of jurisdiction the Commission has over attorneys to start off with.

Positive real estate market: In recent years, Columbus has seen steady growth in home prices and rental rates, indicating a healthy and stable real estate market.

Consider conservative financing options and maintain a healthy loan-to-value ratio.

And that pool better be big enough to allow for healthy competition.

I've seen a few newer studio apartment blocks listed which seem to offer great value/yield as well as being easier to maintain, especially with the new govt Healthy Homes legislation.

Appreciation is healthy; double digits.