I have heard positive things - expect lower overall returns in exchange for them doing the work! 

So you got lower prices and lower interest rates coming.

It's a great market for cashflow since it provides a lower price entry point and demand for rentals is high.  

But since it was being used for investment when you sold it you also qualify for a 1031 exchange.If you find that you still have any taxable gain leftover after the primary exemption, then you can indefinitely defer that tax and not have to recapture any depreciation in a 1031 exchange.

Just not seeing a good use case for FHA these days other than the lower interest rate.  

This will lower your monthly living expenses while your tenants help pay down the mortgage and the house appreciates.

I understand the rate is competitive on the assumable, but having $300k liquid, you might as well do a lower downpayment and Buy down the rate. 

The headache of playing peacemaker between 3-5 unrelated tenants doesn't sound worth the premium management fee; not to mention rent by room generally brings in lower quality tenants which require significant more management.With that said, higher rates are pushing investors toward rent by room simply because it's the only option for cash flow (at least in Denver) which is why I have so many folks reaching out.If you currently have rent by room investments or perhaps you're a PM currently offering rent by room, I'd love to hear your feedback and any advice you may have. 

To do a 100% BRRR the cap rate has to be lower then interest rate.

As others have noted the number of MF properties in the greater Phx area is low compared to many markets and the number for sale is even lower.