Lots of variables, but I think out of the two Columbus would be more of a growing stable housing market given the demographic trends, job market and local regulations. 

A big variable here is insurance.

The variables are many. 

Over all, it depends on multiple dynamics and variables far far far beyond you declaring free and clear is best.

Each investor will have a different answer because of those different variables that go into it.

One variable you might consider is allocating more to the down payment, perhaps up to 30%.

Couple options that might be viable for you (I don't know all of your circumstances)- BRRRR into a DSCR by creating equity; partner closely with a lender before starting on this to cover seasoning and other requirements - also this will only work for an investment property, not a primary- bank statement loan/1099 loan may work if you can put at least 10% down and want a primary residence - will depend on how you're operating and a few other variables- seller financing; find a seller willing to carry a note for a few years- co-borrower; someone with decent income and credit who will be on the loan with you- DSCR purchase; be prepared to put down at least 75% or your rate/pricing will be horrible (70% is better); many lenders will have experience requirements; investment property only- find a private lender willing to fund the loan you need- get a salaried job relevant to your college coursework; your fico is strong and you have some cash, so househacking could be within reach via Fannie/Freddie multifamily purchase; get a solid workup from a competent lender before going this route as employment history will be touchy with this routeHard money can be used for an acquisition and rehab, but make sure your takeout financing plan is bulletproof before getting hard money.I'm originally from Baton Rouge.

Way too many variables than saying oh well I got my rent, so I can survive.

It is going to be a VARIABLE rate and is typically higher than a cash out refinance. 

So, RE has an expense to it and capital is a very, very important but it is not the only variable.