The other thing I would add is how much of a haircut do you think that property is currently at?

I am confused why you would not first multiply the total rent by 50%, then calculate the NOI after teh 50% haircut.

Here in Cleveland, OH banks understand therwe plight, and are willing to take a hair cut.

I also have a few ethical questions.First, as it pertains to Arizona, with property the greater Phoenix metro appreciating at national-record pacing, why would someone choose to take a haircut on their sales price and sell to a wholesaler, versus directly to an investor or a homeowner?

If you want it back sooner then 15 years (to do your next flip) and you write your note at 6% be prepared to take a haircut to get the yield to your note buyer up to 9-12%.  

Generic cuts are 15 to 20 bucks.Where my wife gets her haircut styled and everything else is 200!

If so then they might be a source for you as well.Honestly though I think you'll probably lose more in the portfolio haircut across three states of SFRs than you would save in making it a portfolio for your 1031.  

Don't buy any guru programs, don't buy any properties out of state, and never ask a barber if you need a haircut.

If I needed a haircut, I'd hire a barber.

Give the lady that has a hair cut shop another notice that she does not have a proper license to run a hair salon out of her home and your lease does not permit a business to be run out of your apartment building.. and if you see further activity of same, you will be forced to give her immediate notice to vacate. and will notify the city that she is in violation of health law.. yup you call on her,, they'll cite her and give her a cease order..