.): ~$35K (assuming 8%)Total Cost: ~$375K–$385KProjected Profit: $65K–$75K before taxesThat is a decent margin, but this being a two-year project, you need to be sure the market doesn't shift downward, and that you have a buffer for unexpected costs.3.

We do them here in Phoenix market.

I agree very market dependent. 

@Audrey Sommer I prefer investing in my local market (Snohomish County).

Quote from @Kishan Purohit: @Heath D WallaceTo get this deal to cash flow, you could look into increasing the rent if the market allows or reducing operating expenses, such as lowering management fees, vacancy rates, or insurance costs.

So, the extra unit may cost you more then it brings if you cannot access equity or if the market discounts the property when you go to sell due to financing available.

IMO better options- If you don't need the money in the next 10+ years look into Annuities I'm seeing 7-9% and you don't have to participate in market downturns.

I have found a good market and have built a good team thus far and I'm ready for my first flip.

If you get greedy and put #3 in front of #1 or #2 you can get burned like any other market. 

I used a heloc to purchase the first 4 rentals, so $155k of dept is wrapped up In  that until I refinance each property which have already appreciated extremely quickly given the current market.