The core principles in The Book on Rental Property Investing still hold up, but higher interest rates definitely change the game.

As another poster mentioned rates are lower than they've been in the previous 18+ months but unless some very surprising economic data comes out between now and when you did your refi it seems unlikely that rates are going up in the short term and there is at least a decent chance that rates drop a little more before then. 

It’s growing fast, has good schools, and offers affordable homes compared to Houston.

Is it the last rental rate you charged, or is it the going rate in the area + 10%? 

Census Bureau, over 61% of Americans have mortgages, with 60% of them locked into fixed 30-year rates below 4%.

If what we are feeling is accurate, the January data should show substantial increase in buyer demand.Jan 1, 2020 to Jan 1, 2025 InventoryWhile interest rates remain high, the demand from buyers is still strong.

Interest rates are NOT high right now.

We are planning to hold it for 5 years and bought a rate cap to cover the entire hold period. 

We only get a statement from the management company about the rate.

Germantown has plenty of opportunities, especially if you keep an eye on areas with improving infrastructure or schools.