Appraisers are very conservative on cash-out refinances.Sure if you can get a contract to sell if for significantly more good for you, but you can't guarantee people looking to buy it on your exit will only use the income approach to decide on what they will pay.

This is a different type of risk ultimately forcing their lending decision to be substantially more conservative. 

So in order to get 100% of my All-in cost covered I do not want them to exceed 70% of the ARV to stay conservative.  

You seem to be conservative.

I might be coming off more conservative than others, but this is still investing.

I'm looking at a local property here in PA that has 2 SFH's on 1 deed, unfortunately its over my cash purchase budget but it is one of the better deals I have seen in the last few months of looking around and could cashflow in the $600-700 range a month with both homes rented at a conservative amount of $1200 each. 

I took 10k off of their ARV to be conservative, though the CMA does suggest $320k is achievable.Obviously a better HML rate would help the bottom line.

Although, not sure if I'm being conservative enough. 

I survived the 2008-2010 crash because I'm so conservative.

As i stated earlier, I would be conservative and increase your vacancy to 8% unless you already have a wait list of tenants.