I’m looking to pull equity from a property, but I have a great interest rate that I don’t want to lose.

High interest rates are deal killers IMHO.

Many of my clients use him, not sure about rates, but he understands STR and what is needed.

Other investors have had distributions restarted but at a significantly reduced rate.

The big pro that sticks out to me in Birmingham is the tax rate. 

With those kinds of rents ($5,800 between the 2), even with a 9% cap rate, in my opinion those properties should collectively appraise for nearly $500k.

This is because those who househacked actually pulled the trigger and started to gain experience while those looking for strictly an investment were too focused on numbers and returns to get their hand and feet wet.You can put little money down and take advantage of favorable rates. its a no brainer IMO 

Although there are advantages to waiting too, such as if interest rates continue to drop.

If you provide excellent housing and excellent service it is likely that your turnover rate will be lower resulting in less future vacancy.

DSCR recently came popular in the loan brokerage and private credit space with the rise of STRs and MTRs.Your local bank lenders will have the best rates typically.