My goal would be to buy, rehab, get up to market rents, refinance at a better rate.Three duplexes in Virginia:Property 1 (2 units - 2 bed 1 bath each)- Appraised Value: $245k- Mortgage Payoff - $183k- PITI: $1709.57 - Interest Rate: 9.25%- Total Current Rent: $600 (one unit is vacant)- Market Rent Based on HUD: $2986Property 2: (2 units - 2 bed 1 bath each)- Appraised Value: $270k- Mortgage Payoff - $202k- PITI: $1845.29- Interest Rate: 9.25%- Total Current Rent: $1450 - Market Rent Based on HUD: $2986Property 3: (2 units - First is 3 bed 1 bath, second is2 bed 1 bath)- Appraised Value: $263k- Mortgage Payoff - $190k- PITI: $1809.04- Interest Rate: 9.25%- Total Current Rent: $1500- Market Rent Based on HUD: $3572Other Factors:Total Current PITI is $5363.90Total Rent is $3550Tenants are all month to month with 1 unit vacantEquity After Deal: $197k (may be more as appraisals were done 1 year ago)Rehab costs to get market rent: $20k per unit or $120kLet me know your thoughts!

A few other caveats: As mentioned by @Patti Robertson if you live out of state you must have an Arizona-based statutory agent.

Rather, it's set by what the CPA believes that their time is worth based on the services that they provide. 

I would not sell every $250k gain based on that alone. 

The navy is charging roughly 1400 for a one bed one bath near the bases. my mortgage would be around $3100 dollars with my VA home loan.

My husband and I have spent the last few months reading all the books and listening to all the podcasts, essentially going down the rabbit hole as most rookies do.

The community, podcasts and most importantly the book Rental Property Investing by Brandon Turner helped me a lot in these past few months.Renters3 out of 4 units are rented.

If I factor in additional $5,000 in upgrades it still hits a 30%+ CoC return....It certainly is not a grand slam, but for the extremely low barrier of entry, it seems like a solid base hit. 

Hi @Andrew Rellinger,Based on the information you provided, the "make or break" for this rental is not going to be where or not you change out the carpet.

At least up here, service is VERY important and VERY complicated, so you and/or your attorney need to make sure that you cover all the bases.