This same exact home in Mesa would get $800-900 per month, while in Scottsdale, it might command $1,100+.

I would recommend the 50% rule before the 2% rule when making a purchase price estimation.In other words, if the house will command $1250/month in income, about 50% of that ($625) will go towards all your expenses.

Altho, with mortgage rates so low you wouldn't be able to command a very high interest rate, and would need to be careful of usury.

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Also, I believe $900 is a “safe” rental price for the area D/FW unless in a bad neighborhood, a good area could command $100+ more each door.  

The deal requires at least $200K to close plus $100K to rehab but will command rents upwards of $4200/month with non-renovated comps selling at $350K.

FYI, a 5 bedroom home command about $2375 a month.

You serve at the whims of our Commander in Chief and what you think may happen just might not.  

For the average flipper this deal probably wouldn't command a high enough profit margin to justify the work involved, but if your goal is to buy-and-hold, this could be a real winner.

The rents are below market, the current owner does not charge any rent for outside parking spaces, the parking garage rents are below market rate, there is a beautiful unit being used as an office that could command $900/month, storage fees are not implemented, water is being paid by owner, etc.