In most Ohio markets, investors can achieve solid cashflow with much lower initial capital investment.

Say, 3 month later, I decide to do a cash out refinance of the replacement property at 75% LTV because the rate is lower. 

When they do, expect much lower leverage.It sounds like you haven’t purchased the land yet.

.- get into real estate with a lower rate and lesser percentage down payment.

Overall sale prices of homes are lower than most areas so that 100-200K can be multiple down payment on investment properties.

.- My Resources / Constraints: I'm in a by no means unique, but perhaps less common situation for those getting started; I'm a somewhat senior software engineer at a tech megacorp and should be able to save a couple of down payments per year for lower priced houses (100-200 in my area), or perhaps one medium priced house (300-500).

However, I also understand that lower housing cost may saturate the rental market. 

If you are in a lower asset class things can go the other way. 

Sometimes too portfolios allow you to include lower valued properties that might not be eligible for regular DSCR lending. 

Quote from @Jaycee Greene: it all depends on the credit scores, but consumer mortgages tend to have lower interest rates than commercial loans.