These properties cover my mortgage, allow me to save for maintenance/repairs, and are projected to be worth $7–9 million by retirement.

Owner carry financing, hard money for renovations, then refinanced into a long-term mortgage.

Successful flippers are:- Building relationships with reliable contractors- Ordering materials well in advance- Being strategic about which renovations will truly deliver ROI Regulatory EnvironmentRecent changes to Phoenix building codes have emphasized:- Stricter energy efficiency requirements- More rigorous inspection processes- Additional permits for certain types of renovationsBe prepared for longer permitting timelines than in years past.Financial ConsiderationsThe financing landscape has evolved significantly:- Hard money lenders are offering more competitive rates (7-9%) than the 12-14% seen in 2022- Several Phoenix-specific investment groups have emerged that pool resources for flips- Traditional lenders now offer more renovation loan products tailored specifically to the Arizona marketThe Bottom LineThe Phoenix market in 2025 offers solid opportunity for house flippers who approach projects strategically.

Our avg monthly expenses with reserves is around $1500 (mortgage, taxes, insurance, utilities, reserves ect).  

If the rents are already nearing market rates, will she be able to go up that much? 

I started off doing long distance BRRRRs until the rates went up.

For a hard money loan, you have to close in an entity, it also helps with your credit being the mortgage is not under your name, with a 700+ credit we can usually get you 80% LTV on a purchase.

Having said that, I think it is equally unwise to buy a property with negative cash flow let alone rent less than the mortgage.

While a western WA deal might not meet some Midwest cf metric like 1%, it will be above the market cap rate or below FMV of comparibles and give you options. 

So, comps can help with figuring out local cap rates, then you need the income from the property to determine a value.