Returns on cash invested will be huge when you factor in the appreciation gains.

Most contain a "fudge factor", where they say "We believe this represents this segment of the formula, and are often inflated in favor of the current administration, and later adjusted down.

What key factors should first-time borrowers consider when securing funding for their initial real estate investment?

If you anticipate a big change in interest rates, what factors do you believe will drive this change?

As much as 50% discount from replacement cost, so there is that "spring" built into values, just a matter of time until that factor pulls prices up, question is how long. 

With any lender though, the DSCR requirement is probably higher,  some lenders start asking for tax returns, in place rents becomes more important, current occupancy, and other factors that a residential property does not have to worry about. 

The underwriting is based primarily off of the property, not you as the borrower so the main factors evaluated are property value, DSCR ratio (cash flow), LTV, and FICO.Also, I am from Boston and know the area well.

They can help you navigate any potential tax pitfalls and ensure that your strategy maximizes your benefits.Overall, your plan is ambitious and well thought out, but it’s crucial to keep these factors in mind to ensure success.

You're missing one factor: That you can sell your property and probably not pay capital gains since you've lived in the property for 2 our of the last 5 years.I'd split, sell and take the money (or most of it) cap gains free.

But it does not offer that 'wow factor'.