Investment property advice

[Ben Nguyen]

Hi! Happy holidays. I'm new to this site and REI, so seeking some advice from the more experienced folks here.

I live in the NYC area, but looking to purchase a rental investment property in the Austin metro area, where I have familial ties. I have approximately 300k cash on hand, with another 300k that I could get from refinancing my current home. 

I am currently thinking of a condo in the 200-300k range, but potentially more if the right deal comes along. From what I understand, being a cash buyer would help in the current competitive environment (although I'm not sure if I would be considered one if I had to do a cash out refi). The current plan would be to hold on the place for >5 years. Because I won't physically be in Austin most of the year, so it would ideally be in neighborhood with good schools to attract longer term tenants. I would appreciate any thoughts or advice about which neighborhoods I should look into or just any general tips for things to look out for.

Lastly, also curious on what everyone's thoughts are about whether this is even the best time to buy - from what I understand, the rates will be increasing over the course of the next year, which might make prices more advantageous for cash buyers like me?

Thanks in advance!!