I think that '25 will be a transition year ("end the dive in '25") for the reasons you stated--construction will fall off in Q2-3 but demand will remain...that sparks rent growth.Interest rates:  Yes, flat to up. 

You can pay it off or refinance at anytime, with no penalty.

I never go off of a flat percentage on anything, I analyze the costs to get to a specific return I target and analyze the risk that is involved. 70% may be an initial metric to see if it is even worth pursuing, but every deal should be evaluated independently based on costs, time and risk involved.

It’s worth considering the trade-offs between the stability of income and the increased oversight and hoops you'll have to jump through.

@Breeya Johnson Austin has gone through numerous changes the past five years, both good and challenging.

Also, as many have said- it's smart to start off close to home if possible.

So you better find something that cash flows or you’d be better off putting the money in a bank CD. 

Sounds like you are off to a great start. 

If not, understand the risk of taking equity to generate more equity based off your ROI.

BRRRR with a bang: If you can pull this off, the value-add potential is huge.