Personally, if I can hold with a little bit of cash flow but good upside appreciation over time I’d prefer to hold.

Sara,I see this a lot and I always ask if you know you are going to refinance in the long run to consolidate the Heloc why not just do a Cash out refinance instead. 

In addition to refinancing, DSCR loans, and cash-out options, we now provide our services for all property types, not just those from NetWorth.

Used houses in the area sell anywhere from $75-125 a square foot.These are long term rentals that I do not plan to sell.I am reading the Rental Property Investing book and implementing the method that focuses on cash flow and that strategy states you need to have $300 cash flow per month, per property.

In Phoenix, a 1996 build is practically brand new when compared to a WWI-era home in Cleveland or Pittsburgh or some other Midwest or East coast city.While I agree that older homes come with more problems, buying something newer may not work as the price will be higher and won't cash flow as well.I'm of the mindset to buy what fits your budget and investment goals.

Thanks in advance for your advice!

I'm offering $115K cash and can close as fast at the inspections and title work can be done. 

So either you pay for the repair out of the idle cash in your account, file an insurance claim and use those funds, or rollover/transfer funds from another retirement account to cover the cost. 

Are there going to be banks involved, creative seller financing or all cash? 

Most lenders won't require an application fee and should be able to clearly lay out their financing costs, cash to close, and projected profitability for you.I hope this helps.