And the other one does ok, but in a really good location with gentrification in its path so it’s more of an appreciation play.

Once that happens you can always take out equity to move it around to pay off any and all debts.There also little things you can do to pay a mortgage off or down faster just by playing with the payments, Bi-Weekly, extra payments per year, lump sum. 

I'm interested to see how this plays out.

That might have played a role in the price? 

@Cristian PortilloDepending on the loan type you are looking for, you should be able to find rates between 3.5-5.5%.Term, LTV, FICO, DSCR, etc... all play a role in determining what rate you will qualify for.  

You won't find a good answer on this as there are too many outside variables at play. 

I will absolutely live there once the lease is up, so I’m not trying to play games.

It is called a financial model; play with a BP calculator and adjust purchase price, rehab cost and rent until you have a fincial model that works.

Any opinions on when a new construction might be our best play for our next home we owner occupy and plan to rent?

@Zack Francis The Phoenix metro is an appreciation play.