As long as it is a cash flowing property that doesn't have too many problems(plumbing issues, a major foundation issue(all houses settle over time, but some house are built on very poor soil), and as long as you don't have issues finding new renters(takes months and months).  

As a result, I've built some smaller goals for myself in order to better prepare for what my REI journey will look like. 

When she first contacted me through text message the seller told me that she was coming into town and would be going to look at the property and would contact me after and  was ready sell.

Purchase price: $125,000 (assuming offer is accepted)Down payment: $25,000 (20%)Financing: 30 yr @ 5% = $540 /moInitial rehab: $5,000Closing cost: $2,0001st yr Insurance: $1440Taxes: $120 /moInsurance: $120 /moVacancy: $150 /mo (8%)Maint/Cap-Ex: $270 /mo (15%)TOTAL EXPENSES: $1200Rent: $450 /unitTOTAL INCOME: $1800Cashflow: $600 /moCash on Cash: 21.5%Here is a link to the listing if it may provide more insight:Quadplex ListingThe unit is located on a decent street in a very small town (<10,000).

I live in South Scottsdale myself, and one of my rental properties is in the "Old Town" area (my others are all in Tempe).

The neighborhood is desirable for the area, new homes planned to be built a couple streets over, high elevation, no flooding and underground electrical (electricity is fine after the storm). 

Built it 1946, Converted into 3, 2 bed 1 bath, units. 

I'll just charge a small one-time fee to help cover what it cost me to get it built.

My wife and are in the moment considering what you and your wife did. we built 3 years ago, and a house like mine just sold for 190k which we purchased for 150k. and since we lived in it for over 2 years im looking into the capital gains rule, super exciting stuff to learn.which i have way more upgrades plus the corner lot with an awesome back yard.

Background- I had a lady call me wanting to get a offer so I went to scope it out, she is having a home built and will be moving into it around October/November.