We get a lot of inquiries from investors who would like to purchase a home for vacation rental. But it's not as simple as you may think. First, prices aren't what they used to be. Three years ago you could get one for under $500,000, but that train left the station a long time ago. The median listing price in Sedona this week is $1,162,499. Smart investors know that if they want to be in Sedona, they will probably have to spend at least $800,000, and must be prepared to compete against multiple offers. Insisting on a Sedona mailing address limits your choices, and there are other good investment opportunities in some of the outlying areas. Additionally, make sure you know about any possible restrictions or other challenges. Bottom line is to be sure that you are represented by an experienced agent who know this market.