You would need to factor in property tax and insurance increases and future repairs/cap ex. 

I have been lurking on here forever, but just recently became a member so that I can access all the extras.

Can be side hustles, education, applying at other places but income is a huge factor in order to invest.

You have to factor in the increase in the cost of your money.

Then once the rehab is complete and rented I would refi into a DSCR loan where your DTI is not factored in.

The other strategies will take more time and effort, which need to be factored into the cash flow difference.

Thanks,JaredI'd only pursue this if there is an big upside for appreciation, or if you planned on keeping the house forever as a rental.Run the numbers, subtract 15% a year for vacancy and on going maintenance and repairs during each year, subtract 15% per year for maintenance and repairs to get it market ready once you decide to sell it.Example if you were to keep it for 5 years and sell at the end of five years:12x$200=$2400 year gross profit15% for vacancy, maintenance, repairs ($-360.00 per year)= $2040 gross profit per year15% set aside to repair, repaint, replace to get ready to sell on market = $1800 $7000-$8000 net for 5 years of rental.Appreciation over the term you would keep it would be the only incentive, and it could be a big reason why to rent it.

Here are a few tips that might help as you get started:Market Analysis: Since you're open to out-of-state investing, look for markets with steady population growth, job diversity, and a balance between rent prices and local wages—those factors often hint at stability and demand.

The areas you specifically mentioned have seen growth due to those factors (Buckeye - industrial expansion; Surprise - TSMC plant relocated). 

If you're looking to invest in Jerome Village, definitely factor this future charge into your cash flow calculations and maybe have your CPA take a look at the exact language in the Declaration.