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

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.

I still think this might work, but I will need to look at it from a few different angles.I like the idea of mobile homes because it's a lower cost way to get started.

Expanding to nearby areas with lower costs and strong rental demand can also make sense.

They're working class or in lower income areas. 

We focused on 1 and 2 br properties long before MTRs became trendy because they have lower price points, less competition, lower expenses, and while the tenant pool is smaller, so is supply.

For instance, in my market, from FY 24 to FY25, the HUD rents increased by 11% (Worcester MA) signifying significant increases in demand vs. other areas where it may stay stagnant or lower which would signify the opposite.

query=garage#sear...If you can rent a 2 garage at $450 without spending ~$150k for a garage ADU conversion, no work/risk of the ADU conversion, the lower maintenance/capex, easier eviction, no rent control, less tenant interaction, it will not convert your SFR to rent control, etc, it seems superior to the garage ADU conversion.  

I’ve been in a similar situation, and I think the idea of buying in lower-cost areas to renovate and rent out is a great play.