Here's my take in two areas:
financial:
Traditionally, investment properties for individuals should be thought of on the terms of a rent/own ratio (not too far away from a price/earnings ratio for stocks). Your rental income should at least cover your expenses so that you don't go cash-flow negative if possible so that you have a margin to ride out maintenance issues (what if the roof falls in? You may have insurance, but you'll likely have to give a rent abatement until the roof is fixed putting a huge hole in your calculations), and empty homes (can't find a good renter, etc.)
Recently, some have tried going cash-flow negative in an effort to gain the equity increase in the home and counting on being able to tap that equity if an emergency should arise and sell the home to cash out (which sounds like your plan). This is risky in a rising market, and ridiculous in a falling market.
So the issue for you is: what's your cash reserves and what is your tolerance for risk? Are you willing to accept a bankruptcy if the market crashes. (Don't laugh, I know a number of people who lost their shirts in Southern California real-estate in the late 80s early 90s because they were over-leveraged when the bottom fell out of the market)
I don't know the Phoenix area well, but a quick look at some stats at:
http://bwnt.businessweek.com/housing_boom/index.asp
show that the percentage of homes bought in Phoenix as "investments" is high relative to the nation (increases volatility and prices); the rent to buy ratio is 76% (meaning you are unlikely to recoup all your costs by being a landlord unless the equity continues to increase), although this is still lower than the insane California markets which are at ~50%
Ultimately, you should run the numbers yourself, but I have always had my doubts about the Las Vegas and Phoenix real estate booms since there is so much available land to develop, it is hard to understand how these quick price run-ups (34% in a year for phoenix) can be sustainable since more homes will keep coming on the market. Best I can tell, the market is propped up by Los Angeles amateur speculators who may not have the stomach or the finances to withstand a long drop leading to a rapid leveling or possible deflation of prices when all these people's interest-only portions of their loans expire (check the payment schedule, when this happens, often the monthly payment will double because of the shorter amortization schedule, combined with interest rate hike that we can expect given that home mortgage rates are still very low relative to the norm)
I guess: my overall take is: this is a tricky time to make this investment and if you can't really pay attention to it, it's going to cost you money to have someone to do so. The margin is so thin that its more risk than your average financially strapped resident probably should take.
Socially:
As a resident, you will be extraordinarily stressed. While this realtor may be willing to help you out with contractors, etc. for maintenance problems, who is going to take the call in the middle of the night that the tenants have a leaking toilet? Unless you hire a management company for full-service (more money), that person is you. Who has to initiate eviction proceedings and show up in court if the renters don't pay rent? Yep, that's you. Who has to be involved in any dispute with the tenants? Again, you.
My overall take on this is: long distance landlording is a pain (I've done it). It is more expensive and time consuming than you think it will be and you have to have an extraordinary amount of trust in the management company that you hire. If your residency is going to be stressful (which it likely will be) I'd think twice unless your spouse/SO is willing to take on the entire burden of handling this.
. Basically, we a) can't afford a home in California, b) know someone who just bought in Phoenix, c) know that phoenix home prices are going up each month and that arizona is supposedly the fastest-growing state in america. and d) know a realtor there who works with lots of ca investors, and has lots of stuff set up to help - like someone who we pay to get renters (we pay them one months rent), and a network of folks who we can call on for maintenance needs. 
