With just these numbers to go on, if I felt the neighborhood is solid/trending up and not down and assuming your rent projection is realistic, I'd buy it. 

Anyways, on my latest project, the title came back yesterday and revealed two extra parcels of land deeded to the seller under the property I was under contract for.

My first project. 

"Value add multifamily" is a cute term, but it will be an absolute bear of a project that will evaporate cash if you don't know what you are doing...and perhaps even if you do know what you are doing.

Who did you end up using for your project, if you don’t mind me asking?

The expert you are looking for is called a Land Surveyor, they're going to want 5k-15k, if you want to make any money on your project you need to build a house so you also need an architect, they will want 10k-50k, if you're in a hillside zone you will also need a geologist, they're going to want 10k, you will also need a biologist, they're going to want 2k-5k.

Here are a few tips to help you get started:Financing: Since you’ll be starting your internship soon, lenders may look at your projected income or require a co-signer until you have a longer work history.

@Pixel Rogue The cash out proceeds should be for business purposes such as investing in another RE project. 

DSCR loans are usually what I recommend to ensure approval as your qualification is not based on your income but the projected rental income of the property.

Phoenix has been a hot market for rentals recently, but consider how long-term trends, interest rates, or construction projects might impact demand.Here’s a quick story: A friend of mine bought a new-build in a suburban development a few years back.