I've had break ins, doors kicked in, windows broken, wiring stolen out of the wall, landscaping missing, squatters, crack pipes and crack pots, dog bites, people talking to non-existent listeners, lots of people with all of their worldly possessions in stolen shopping carts passing by, extension cords thrown over the fench and attached to my outside outlet, hoses attached to my water, refrigerator stolen, shootings, lots & lots of helicopters overhead, and I've gotten to know a few Phoenix police on a personal basis.

You don't get anything extra for the large expense.The average flip, according to NAR takes about 6 months and nets about $15,000 after paying everybody.A flip involves: the money provider, everything from a handyman to a contractor depending on the scope of work, a plumber, an electrician, a painter, a sheetrock guy, a landscaper, a flooring guy, the ability to guess what a particuar property will sell for, a finish carpenter, a window guy, a roofer, an HVAC guy, a cleaning company, an exterminator, a real estate agent, an appraiser, a title company, an escrow company, brick & concrete guy, garage door guy, an inspection guy, an insulation guy, etc.

You can figure most basic things out like painting, trim, basic carpentry, vinyl flooring, landscaping, demo, tiling on youtube.

I guess everybody just hires landscape crews and does the drive-thru car wash now.

I know that households in the valley are extremely water efficient in that usage for households has hardly gone up over the last twenty years despite the growth due to more efficient appliances (dishwashers and washing machines) and wastewater technology including recycling car wash water at car washes and using grey water for irrigation and a leaning in recent years toward desert landscaping instead of turf (grass is a huge water guzzler).  

If you rebuild it with treated 6x6s or railroad ties, you can probably still get 20-40 years out of it with proper drainage and some landscaping cloth against the wood.

So I put a dozen bait stations around the driveway and house.I bought some fox urine for them to spread around cause they thought that would do the trick but I also made it clear that I've done pretty much everything I can and that I'm not responsible for their car wires.My lease doesn't say the tenant is responsible for rodent control - I'll fix that with the next tenants.They've been good tenants, paid rent on-time (they've been there 5 months so far), seem to be taking good care of the house, yard, landscaping, etc. 

The rehab I did on this house included new flooring, painting the entire house (interior & exterior), extensive pest (termite) control and remediation, landscaping, all new windows, bathroom remodels (tear down to studs), complete kitchen remodel (new flooring, new canned lighting, cabinet refinishing, granite counters, all new stainless steel appliances, etc), plus an endless amount of cosmetic work inside and out.

Also check for set backs, landscaping, curb, utility issues and any other requirements for building with the city.

283,000 Purchase Price 56,600 Down Payment (20%) 20,100 Rennovations 12,000 Closing Costs 88,700 Total Cash 30,000 Annual Rent 2,652 Insurance Annual 3,900 Taxes Annual 1,440 Landscaping Annual 1,200 Pool Annual 900 Vacancy Reserve Annual 1,200 Maintenance Reserve Annual 11,292 Total Annual Operating Expenses 12,600 Mortgage Annual 23,892 Total Annual Expenses 6,108 Annual Net Profit 6.9% Cash on Cash Return