I'd consider some steel roll-down security shutters as well as a monitored alarm system and perhaps a set of cameras to a DVR. Roll-A-Shield is one example. That way, there is a theft deterrence aspect. Couple that with getting the neighbor's kid to mow the yard and keep an eye on things, and if anything happens, that is what insurance is for.
I also like having outdoor electric receptacles on a switch only accessible from the inside as well as locks on outdoor hose bibs. I don't think it is as big a problem in Arizona as it is here in central TX, but come several festival weekends in Austin, people will park their trailer in random house driveways and use their water/electricity until the police come and force them to move... then they go a block away and set up shop again until the property owner files a notice of trespass.
Don't buy a condo unless you have a lawyer look over the HOA agreement and such. Trust me on this... even with a lawyer going over agreements, I paid in blood for this lesson, because a HOA can easily jack up their assessments without any way of protesting. I'd keep the house as an investment and spend a little bit to add better security (shutters, cameras, etc.) as well as the usual maintenance.