What I'm hoping is to value add and refinance a bit later if/when rates go down.

so every step is tougher.2. you don't really compare the interest rate when purchased and the interest rate when refinancing - that is apples and oranges. 

**Maintenance**: Be prepared for a bit more wear and tear compared to market-rate rentals.

Rent growth is a function of supply, demand, and interest rates:- I'd ground any forecast by stating I expect national rents to rise on a pace more or less in line with inflation over any long time period. 2-3% per year.

And now with rates being high, plus many areas overbuilt with new apartment buildings, I’d be careful with unknown areas, and also what you read in the media about “hot” areas, up and comers, etc.I was in a similar situation to yours a couple years ago.

You only want to file a claim if it's much greater than deductible or your rates shoot up pretty quickly. 

After paying a competitive rate for the property management and ASSET management that the small operator does himself.  

The environment now with higher interest rates and higher purchase price does make it more difficult but definitely doable. 

These areas might have higher property prices, but they can offer premium rental rates and higher occupancy.

(Maybe the seller has a great interest rate, but you would have to pay twice that amount which wouldn't be profitable.)11) Crime in the neighborhood. 12) High turnover in tenants (raising your expenses.)