I'm expecting a continuation of the current wave of inflation, so locking in low rates is an advantage as far as I'm concerned.

So your initial cash flow in a cheap market is unlikely to increase faster than the inflation rate.  

It is well documented there is a ton of money in the system so having solid real assets is a great hedge on the inflation here/coming.

Due to higher inflation in costs, home builders are also becoming more cautious about listing new houses too early, waiting deeper along the construction process before making inventory available for sale.

If you are wanting to continue renting in the same class, you'll be paying inflated rates and won't see any gain.

An ARM is a hedge against inflation.  

I already pass on money for freedom since I make more than I need, so I’m looking for less headaches while still having real estate as an inflation hedge. 

Just watch that contract with the builder and make sure they aren't artificially inflating anything as you go. 

@James Wise It seems like Cleveland has been appreciating a bit, then, or do you think it is just inflated because of COVID?

Rates have bumped up slightly over the past month so you're likely in the 4s no matter what at this point on a pure investment property (not primary residence), but big picture still a great time to use leverage with historically low rates, and to mitigate your exposure to the crazy amounts of inflation we are going to see over the next few years.