A simple explanation might be that rents have increased to offset higher mortgage costs, but what about property owners who locked in rates below 4%—or even 3%?

I’m estimating renovation costs at around $150,000.

Given that the property was worth $390K in its current condition, I saw an opportunity to make the numbers work while keeping my upfront costs low.Instead of increasing my cash offer, I negotiated a $25K down payment with the seller carrying the balance for two years through owner financing.

This can often be cost-prohibitive. 

Was going for the best cost-of funds (lower rate)

I've been updating things that need it and lucky enough, I can do the work myself to keep cost down for now, only because it be my first rental.any advise would be much appreciated. 

I had a client who kept waiting for a better rate, only to see it jump 0.5% overnight costing him thousands.

Consider this the cost of your education.

Trying to get a # from him about estimated remaining cost but got nothing.   

And that can cost you time and money.