@Darryl H. I've been to Columbus many times, but I'm not super familiar with property values there (so I can't speak to whether your numbers are accurate...the actual numbers could be a lot worse, or a lot better).
However, I do see a few issues to consider...
First off, I want to be clear: I'm not saying that you shouldn't pursue your plan (and, since I don't know the numbers in Columbus, for all I know, your plan could be a home run). However, what you described brings up some concerns that you'll want to resolve before moving forward.
You mentioned that cashflow is not very important to you, and it sounds like your plan hinges partly on future appreciation and future rent growth. Personally, I think this is not advisable--especially for a new investor. Assuming that you don't have a massive stack of cash and assets that put you in a position where this property could completely fail and it wouldn't affect you much, planning on appreciation and rent growth is, essentially, speculation. At the end of the day, NOBODY knows what the market will look like in the future, and anyone who says they do is full of it. Sure, we can make educated guesses, but these days there are about as many valid arguments predicting a market crash as there are valid arguments for flattening, as there are valid arguments predicting continued growth.
What's your plan if property values flatten (or go down), especially at the moment that you're trying to refinance the property? What's your plan if rent doesn't increase, or rents decrease? Although inflation might push rents up, it is not a guarantee that rents will increase--lots of things can occur at the macro and local levels that could flatten or decrease rents (e.g.; rent control legislation or Gov. housing affordability initiatives, a crash in house values that allows renters to buy, a big-money developer builds a luxury apartment building next door and is able to to rent units that are A+ for only $100 more than your C or B grade property, etc., etc.).
New investors have come up in an era where values have only gone up, and plenty of gurus and their followers have drunk the kool-aid and believe that values only go in one direction (up). The reality is, values and rents can--and do--crash. (for instance, Vegas in '09, Detroit since the '90s, etc., etc.). Some downturns are temporary, but some downturns are permanent. For instance, between 2000 and 2020, Detroit lost roughly the population of Pittsburgh...think about that for a moment--imagine that in the course of 20 years, Pittsburgh literally disappeared from the map and had a population of 0 (because that's essentially what happened). Needless to say, it's unlikely that there will ever be a full recovery. Obviously, I don't think this will occur in the near future in Columbus, but the point is: if your plan hinges on future rent growth and/or future appreciation, you're speculating.
As has been mentioned on many BP podcasts, cashflow is similar to your "defense", in that it helps protect you from losing the property if property values crash, and appreciation is similar to your "offense", in that it's where real wealth can (potentially) be built. Because of this, cashflow is usually essential for any beginning investor who doesn't have a massive stack of cash and assets to fall back on if things go south. Unless you have that massive stack of cash and assets, it's probably not advisable to buy a property with insufficient cashflow and an expectation of future appreciation and rent growth (particularly right at a clear turning point in the market, and especially when using the BRRRR strategy that hinges on successful Re-fi'ing at a moment when rates are increasing at a historic pace).
Because rates have increased, and are all but guaranteed to increase more, your BRRR financial models need to include worst-case-scenario rates (take a look at the rates they had in the late '70s and '80s!). If your model doesn't pencil out with those worst-case-scenario rates, then it's probably not an advisable deal (particularly for a new investor with limited resources).
Again, I'm not saying that you shouldn't pursue your BRRRR plans (in fact, I'd advise anyone to learn about BRRRR'ing and real estate investing, and if someone has an investment plan that pencils out, I'd say go for it!). I'm just saying: before you put your money on the line, it's pretty important that you factor the aforementioned issues into your financial models.
Hopefully that's useful info.
Good luck out there!
