Trebananib With or Without Low-Dose Cytarabine in Treating Patients With Acute Myeloid Leukemia

Inclusion Criteria: * Diagnosis of AML as defined by the World Health Organization (excluding acute promyelocytic leukemia and chronic myeloid leukemia- blast/accelerated phase) in an adult patient * Patients with newly diagnosed untreated AML for whom the treatment of choice is low-intensity therapy by investigator assessment or who has declined intensive induction therapy recommended by the investigator OR * Patients with refractory or relapsed AML following at least one prior treatment course who are not currently considered eligible for stem cell transplantation at the time of screening due to non-optimal AML disease control, lack of suitable transplantation donor, failure to meet other transplantation criteria, or refusal to undergo transplantation * Eastern Cooperative Oncology Group (ECOG) status 0-2 (ECOG 3 is excluded) * Total bilirubin within normal institutional limits * Aspartate aminotransferase (AST) (serum glutamic oxaloacetic transaminase \[SGOT\]) and alanine aminotransferase (ALT) (serum glutamic pyruvate transaminase \[SGPT\]) =\< 2.5 x institutional upper limit of normal (ULN) * Creatinine clearance \> 40ml/min per 24 hour urine collection or calculated according to the Cockcroft-Gault formula * Urinary protein quantitative value of less than 30mg/dL in urine analysis or less than 1+ on dipstick, unless quantitative protein is \< 1000mg in a 24 hour urine sample * Partial thromboplastin time (PTT) or activated (aPTT) =\< 1.5 x ULN per institution laboratory range and international normalized ratio (INR) =\< 1.5 * Patient or legal representative must understand the investigational nature of this study and sign an Independent Ethics Committee/Institutional Review Board approved written informed consent form prior to receiving any study related procedure * Individuals of childbearing potential must agree to use acceptable contraceptive methods (e.g., double barrier) during treatment Exclusion Criteria: * History of central nervous system involvement with leukemia * History of venous or arterial thromboembolism within 12 months prior to enrollment * History of clinically significant bleeding within 6 months of enrollment * Unresolved toxicities from prior systemic therapies that are Common Terminology Criteria for Adverse Events (CTCAE) version 4 \>= Grade 2 in severity except alopecia excluding hematological toxicities attributable to underlying disease * Currently or previously treated with AMG 386, or other molecules that inhibit the angiopoietins or Tie2 receptor * Current or within 30 days prior to enrollment treatment with immune modulators such as systemic cyclosporine or tacrolimus * Has not yet completed a 14 day washout period for any previous anti-cancer systemic therapies (30 days for prior bevacizumab) with the exception of hydroxyurea or leukapheresis for uncontrolled leukocytosis * Enrolled in or has not yet completed at least 14 days since ending other investigational device or drug trials, or currently receiving other investigational treatments * Clinically significant cardiovascular disease within 12 months prior to enrollment, including myocardial infarction, unstable angina, grade 2 or greater peripheral vascular disease, cerebrovascular accident, transient ischemic attack, congestive heart failure, or arrhythmias not controlled by outpatient medication or placement of percutaneous transluminal coronary angioplasty/stent * Major surgery within 28 days prior to enrollment or still recovering from prior surgery * Minor surgical procedures, placement of tunneled central venous access device within 3 days prior to enrollment * Uncontrolled hypertension as defined as diastolic \> 90mmHg OR systolic \> 140mmHg; the use of anti-hypertensive medication to control hypertension is permitted * Non-healing wound, ulcer (including gastrointestinal) or fracture * Active uncontrolled infection, including human immunodeficiency virus (HIV) and active hepatitis infection * Subject not consenting to the use of highly effective contraceptive, e.g., double barrier method (i.e., condom plus diaphragm) precautions during the course of the study and for 6 months after administration of the last study medication * Subject has known sensitivity to any of the products to be administered during dosing * History of allergic reactions to bacterially produced proteins * Subject has previously been enrolled onto this study * Subject will not be available for follow-up assessment * Pregnant or nursing female patients * Active second malignancy other than AML which is not in remission and/or for which the patient is currently receiving treatment * Subject has any kind of disorder that compromises the ability of the subject to give written informed consent and/or to comply with study procedures * Any condition which in the investigator's opinion makes the patient an unsuitable candidate for study participation