I think 5% is a pretty standard rate to estimate with, but beyond that you might be higher or lower depending on your approach to landlording. 

I would stick with individuals at those lower price points. 

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We've seen our area MLS which covers about 20 counties come down to an average sold to list price ratio of 95.1% and Knox county specifically has come to 96.4 % which is lower by about 2% from this time last year and down from our peak this year of 98.5%. but it's about in line from winter 2022 into spring 2023 which was a time when rates were rapidly rising.

I am hoping for lower interest rates but I calculated I would need the rate to be low 3’s to break even.  

Thus, your profit margin is lower (than the all-cash offer), but your ROI is higher.

I understand the cash flow and cash on cash return will be lower, but we are looking at holding these properties for the foreseeable future so, we are expecting to make up for this with appreciation.  

Maybe it's just the price, so if you can't lower the price, maybe refi and hang on to it until the spring buying season.

Dallas has similar rents to Fort Worth, but prices are much much higher, resulting in a lower cashflow. 

A HELOC carries a higher rate over a shorter amortization usually 10 or 15 years and a mortgage carries a lower rate over a 30 year amortization offering a lower payment.You have to run the math in each scenario because the math differs based on a few things like Fico score, CLTV, Loan size, and time frame between purchase and refinance of new property.