However, 80% is typically available as a rate/term aka limited cash out refinance (cash out just being used to cover closing costs and prepaid items like taxes/insurance).Your phenomenal DSCR is just a cherry on top. 

You get the best of both worlds in that way: No seasoning to pull cash out AND the conventional rate/costs and no pre-payment penalty which are all better then DSCR loans.  

By the time I was ready to jump back in and buy again rates had shot up as had prices.

I do not want to refinance because of the high interest rates.

To make the acquisition feasible, I utilized an FHA loan, capitalizing on the historically low 2.875% interest rates and the attractive 3% down payment option.

Cash is always going to be king, but the delta is definitely more pronounced in higher interest rate environments.

It would be our second up down house hack, however, with interest rates in the high 6's, it would probably not cash flow after moving out.

Interest rates were what, near 3%, 5 years ago.

NOI divided by purchase price gives you cap rate. 

If we the landlord would want to break the contract before the end of the multi-year term, we have to pay him a pro-rated fee to reimburse his investment