A short sale in Scottsdale, AZ. What do you think?

I have been looking for good deals down south for a while. Because I am Canadian, I didn't want to buy in Florida due to high property tax for foreigners. I wasn't interested in LV, CA for different reasons. Since Arizona has been a desired destination for Canadians, I started looking there in last month. I found this short sale in Scottsdale, AZ.

The house was built in 1993, with 4 bedroom and 2.5 baths, 2236 sf, good area and in good condition.Potential rent could be $1750 according to recent rental report from MLS. The asking price: $315000. It was sold in 2007 for $525000.

The $315000 sale price was approved by the bank and then the deal fell apart. So it will only take 3 weeks for an answer from the bank if I offer at $315000. The bank needs 25% down for foreigners to get a loan which is fine with me. I have an excellent Realtor working for me. She has been my ears and legs. I will be going there to see it by myself in next a few weeks. I prefer good deals for good area in the lower-mid price range. Hopefully it will be less headache when it comes to dealing with a tenant from middle-class.

What do you think? Especially people from AZ, I would appreciate your comments.