You haven't told us anything about what you plan to do after purchasing the property, so it's not clear how important interest rate is in the long run. 

@Heather Bailey they will ask you what style of renting you plan to do.  

Would this be a feasible plan?

I have learned to color code (highlighter) and plan the month/year or week ahead. 

Owning a home also gives you stability (ie your landlord can't decide to sell your home), flexibility to do what you want to with the home and the money you are paying is paying down your mortgage, not your landlord's.One other question is do you plan on moving anytime soon? 

I plan to live there with my wife.

I would also try to contact the code compliance department for advice.

This could easily cost you $10’s of thousands if you plan to stay in the home 5+ years when you return. 

Rental arbitrage isn’t common in my area ( high point North Carolina) but I was planning on starting in another state.

Are you planning to invest out of state?