We had been in a fast appreciation and low interest rate market for years.

Interest rates atm seem quite high so will ride this out a bit longer (and ratios will continue to improve over time.) 

In addition, all Rent payments hereunder not made within five (5) days of the due date shall bear interest at the rate of one and one-half percent (1-1/2%) per month"The monthly rent is $1550 so the late fee is easy - I've set the account to charge 5% if the rent isn't received within the 10 days stated ($77.50).

You will pay for the higher risk with higher rates and origination fees but if the deal makes sense then congrats.

Once you start stacking more and more property loans into your personal name, it can bleed into your personal credit worthiness.This bit me in the butt when I wanted to refinance my own house when rates were in the 2% range.  

There are many investors that look at promises ROI or interest rate and nothing more.  

That will be a determining factor for where it makes sense for you to purchase.Regarding waiting - bear in mind a lot of people were predicting rates in 2024 would be in 5% range or low 6s, which didn't turn out to be the case.

For example, what would the cash flow be like after you renovate and lease out at the new rates?

Success rate. 

Credit (loans) become much more difficult to obtain and if available you pay a MUCH higher interest rate with a much higher down payment requirement2.