For more context, my REI goals are almost exclusively for long-term wealth/retirement (in my 30s). 

Do you and your husband have any kind of long term strategy in mind?

Once the renovations are complete, you could either refinance it into a long-term loan or list it for sale.Happy to answer any further questions!

We are in 11 markets in the Mid-South/Mid-West.

Now we are going on 6 years!.  

There is a $340 difference but if you had to put down a 15% down payment that means you would be putting down $30,000 more at closing which would be left in the property unless you held it long enough to do a cash out refinance ($200,000 x 15% = $30,000).

So we are familiar with the north GA, western NC area.My wife's aunt and uncle are selling their house in Franklin, NC.

3X is a GREAT entry for most as long as it's not a sinking ship or with crushing overhead and miniscule margins. 4X-7X is a normalized range for acquiring many different business's. 

Yet, the same properties in the same cities are allowed to rent their homes on a long term basis.   

Comparing just those two things, you would save way more money in the long run by avoiding the annual mortgage interest.