All rules of thumb are high level down and dirty approximations to be used for quick evaluation of potential deals.

We'll be renovating it over the next several months and then getting a renter in it. 1/16/23 Update.

If you want to be close to the water etc. 

Your purchase price of 215k would be a bit higher which could cause you to lose money on the property.We have flipped a bunch and notice that even as a broker trying to be conservative in our ARV estimate, can still sometimes be too high by 5% (worst case 10%) in some cases. 

I'll be watching your thread to see what you find.  

Yes, @Blake McWilliams is right, you can assume a loan with the 'Assumptions Dept'...but be prepared for a long wait.

Credit score is excellent and the property cash flows, so I'm hoping this will be a relatively easy process. 

It sounds like at the current moment a HELOC would be the way to go as it can help keep costs low by only paying interest on what I pull out rather than doing a refi and being locked in to a higher payment regardless whether or not I find a deal.

@Kurtis CarriereBuilding your own home is an incredible achievement, and your hands-on experience will be a huge asset as you transition to real estate in Texas, especially in the DFW area.

Just be sure you can afford your next project before jumping in.