Then once the rehab is complete and rented I would refi into a DSCR loan where your DTI is not factored in.

The other strategies will take more time and effort, which need to be factored into the cash flow difference.

Here are a few tips that might help as you get started:Market Analysis: Since you're open to out-of-state investing, look for markets with steady population growth, job diversity, and a balance between rent prices and local wages—those factors often hint at stability and demand.

The areas you specifically mentioned have seen growth due to those factors (Buckeye - industrial expansion; Surprise - TSMC plant relocated). 

Other "products" (i.e. student apartments) that are farther away will always have better amenities than I will, however location seems to be the primary factor for the students.

If you're looking to invest in Jerome Village, definitely factor this future charge into your cash flow calculations and maybe have your CPA take a look at the exact language in the Declaration. 

If you're comfortable with these factors and the cash flow remains strong, it could still be a great opportunity.

Can you show reserves factoring the DP and closing costs?

Did we factor in for these adjustments and what will come of cost should we transition to a hold strategy at (x) less $s or (x) more $.

Just remember to factor in that you will now have fixed monthly payments on the original three which will reduce your cash flow.