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They sold two appreciated duplexes in Dallas and we turned them into 8 units in Mesa, AZ with higher cash-flow, and much closer proximity to Southern California.I'll add to your Phoenix "pros" list:1) Landlord friendly rental rules2) Easy evictions in < 30 days3) Rents are rising faster (on a % basis) than many other metro areas4) Low property taxes (and the property taxes don't sky rocket after a purchase as they do in CA)5) Very low vacancy and extremely high tenant demand.

When running numbers, especially on small multis more western markets with direct access to NYC tend to be more favorable from the numbers stand point and many of these towns offer 30 minutes or less taking commuting lines.

Since you know who you want to serve, try to tailor your listing to make it easy for them to say, "yes".General advice: MTRs are attactive to a lot of people because of the increased cash flow, but it's the appreciation over time that really generates wealth in real estate.

Instead, I'd just rely on a CMA (comparative market analysis) of renovated properties in the area from your realtor unless you have local MLS access yourself to run the report. 

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To remodel your primary home you could access the home's equity to cover the cost of your remodel. 

DCSR loans are easy from a qualification prospective but depending on the market your may need a larger downpayment to make the DCSR ratio work. 

If you didn't budget your rehab correctly, and don't have access to more money, you will be stuck (this is also true if you buy with cash without any excess money).  

Can you easily add a bedroom without making the flow feel weird (i.e. accessing one bedroom by going through another) or taking away from common area making them feel small?