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But the Valley still ranked No. 28 out of the U.S.'s 75 largest metro areas for buying an investment home, according to a new All Property Management survey.
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Grand Rapids, Mich. is the national property management firm's top pick for investment markets. Poughkeepsie, N.Y., is second, and San Francisco ranks third.
The ranking is based on vacancy rates, changes in rents, appreciation, job growth and a few other housing and economic indicators.
Metro Phoenix, which is in the top 40 percent nationally, ranks as the third best investment market in the Southwest, after Dallas and Albuquerque.
All Property Management's market intelligence on the Valley: "Phoenix, while not offering the best home value appreciation among the 75 Metropolitan Statistical Areas, does quite well in the areas of rental variance, job growth and average days on market."
Rental variance, the change in rental prices year over year, increased in Phoenix by 3.45 percent.
According to the report, the Valley also saw job growth over the past year of about 2.11 percent. And the area's overall housing market is seeing activity, as properties are taking only 65 days to sell on average, All Property reported.
The company is a Seattle-based online network of property management services.