@Nathan Gesner you just have a high value lesson to everyone.

High taxes.

I highly recommend working with him, but only if you're willing to put in the effort to build a business and though leadership brand!

I've stuck with the tried and true reasons I've heard to keep my search ranking high (quality photos, stellar reviews, updates to my listing) and that helps but in slow season, when I'm not willing to cut my rates as much as some of my competitors, it can be a ghost town.  

I've decided that finding "deals" in Arizona is unnecessary as there are other markets that one need not search high and low to find something that can produce a decent cash-on-cash return.

If you haven’t already, I’d scope out the municipalities around town.. from what I read in The Economist, the Phoenix metropo area continues to rank high for job growth, which usually bodes well for new builds.

I have used the same contractor for a few projects, so I'm getting a break on my price but 140k, seems to me, very much on the high side.

Target areas with high rental demand, job growth, and population increases to ensure strong occupancy and appreciation.

It's a high risk strategy that you've chosen. 

Hopefully things continue to progress, and you come out on top with a huge equity position/high cash flow when it's all completed.