I am based in Texas and I understand that there is a lot of affordable duplexes in Westmoreland County for a low as $90,000 on Zillow.If you are looking to House Hack like @Madison Stoner  I recommend you interview some local Investor Minded Real Estate Agent and hire the one you feel most comfortable with.

If you do a cash out refinance, you may be in the high 6s or low 7s. 

However, rates did rise back up from the recent low of 6.08%.The inventory was 38.3% higher than this time last year and is increasing month over month.

But I agree with an above poster that $10 psf in tenant improvement seems low, unless you can find a turn-key tenant to occupy that will require very little renovation.In DFW, for 2nd generation spaces, I've seen LLs underwrite at about $25-35 psf in expected TI allowance (subject to the lease terms and tenant credit rating).  

Here are some examples- 3/2 in class a rents for $6k in my market.  3/2 in class c- rents for as low as $2.5k.  

A few recommendations - learn as much as you can from books, podcasts, and attending free or low-cost real estate investor meetups in your area (in-person is best).

They also likely save you time.You can certainly still buy in DFW for $400K and maybe as low as $250K depending on where you want to buy. 

If you use a DSCR rental loan it could be as low as 3-6 months of time seasoning required so it depends on what product you're using to accomplish the mission/goal.The time frame isnt a legal requirement, its a financing product specific requirement as a guideline to obtaining the money in which you seek.If you had other scenario related questions feel free to mention them below or via DM.

If prices are high and supply is low, it may be worth taking on a major battle.Jon

Hi @Shibu ThomasThere are many garden level apartments in my area, They have low ceilings and sound similar to what you are describing.