There’s some really good posts in this thread.

Ensuring your rental market can sustain these costs will help maintain profitability over time.The 7% DSCR loan is relatively high, and refinancing later at a lower rate could improve your long-term cash flow.

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IT seems they have been around for a while, but not that long. 

For many young Americans, buying a home has always been a major milestone—one that represents financial stability and long-term investment.

OR they are investing in areas they think are good, but that usually aren't.

Long term $ can range from 6's-10% range depending on all types of factors - LTV, location, unit count, debt coverage, borrower strength, full doc or lite doc programs, etc..

You got this and good luck!

If that's the case, you'll want to start with a fix and flip (or hold) type of loan, complete your renovations, get it rented out and THEN refinance into a DSCR loan for a long term hold. 

I currently operate a few STRs so have a good understanding of that aspect although they're all located in touristy locations.