Interest rates doubled within a six month period of time and property sales almost completely stopped. 

Great community to bounce ideas off of as I build my knowledge base.  

No fees = higher rates.

I think it is fair to say that there is somewhat of a tradeoff between markets that provide positive cash flow on day one and relatively high appreciation-based markets.

You can't decide which one to choose based on the minimal information you provided.

That 4% cap rate on in place financials is a lie.  

I'm based in Charleston and am frequently in Columbia.

But in Smarter Contact, even though it's not required (if you're in the Elite or Enterprise Plans), they're strongly suggesting it and even have a report on "carrier block rate" percentage.

You can get a refi based on the as is value after 3 months of ownership.

However, if the FHA interest rate is lower, I would still go that route and if rates drop refinance  however keep in mind FHA has PMI for life  Here you go