Getting a loan to payoff another loan with a lower interest rate doesn't make any sense. we do private lending and can get double digits returns consistently.

Shouldn’t it be at a lower multiple?”

In the second you have two tenants with 3600/mo rents and lower costs, if one moves you still have 50% revenue coming in diversified across two properties.

With $50k, you likely have enough to get started, especially if you target lower-cost markets or use a strategy like house hacking.

Just like bonds & stocks, different properties will have higher & lower risks.

(I know, nothing is certain but just hypothetically) and all cash out loans are not created equal. if you have a lot of equity you can borrow up to 60% with the lowest rate possible, which would be close to a half point lower then borrowing up to 75% loan to value. 

Are there any options with lower down payments?

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., Smyrna, Decatur, Marietta), new construction or turnkey rentals for lower maintenance, or small multifamily properties for stability.

Taxes and requirements should be much lower for a LTR