Recent Bigger Pockets episode motivated me to reach out to US Bank about their mortgages and loan products. 

The median income and availability of rentals notwithstanding I have yet to meet anyone who considers the major Phoenix metros to be low-cost relative to any other city in Arizona.Further, and this is just my opinion mind you, but the summers aren't as bad as they seem out here.

If the real estate markets adjust in the future house flipping is going to take a major hit.

Doesn’t even look like a good deal to me . 130-160 k and the thing only gets 1300 in rent plus it has major foundation problems and you got tenant drama on top of It .

Recommend reading: https://www.amazon.com/gp/product/1944194142/ref=d...This book answers a lot of what is being asked here.

Most of the major MSA's are already oversupplied with more inventory scheduled to be delivered over the next 12-18 months.  

I might rent out a room in the house once I get a couple of bedrooms a bathroom and the kitchen finished.I will move out and refi to get my initial investment out once I'm finished with the majority of the rehab finished and then rent out the entire property.Hopefully by the time that's complete the market in my area will be more forgiving.

@Amadeus Hladun where do you intend to get the renovation funds and do you actually have the skills to estimate correctly and execute a fairly major rehab ??

I'm concerned with a major liability. 

As to whether it is a decent deal, unless this thing is in a major growing city you can probably find better if you aren't including a management expense.