Some states it may also be split.But to reiterate your talking apples and oranges

Joan, before this thread gets too large, please give me some time to contact APPLE so that I may get my commissions for sales!!

You are paying more than 4% for the money.APR is to have an apples to apples comparison of the true cost of the money.What if I said you have a choice of the first loan A) or loan B) 3.85% but it's 5 points in loan fees or C) no points but it's 4.55%Which is better?

Are apples stealing business from oranges?

I also am switching to MAC so, maybe, there is an Apple product?

Even plunking down another $3K to refi into a perm loan puts you at about $80K, of $532/month fully amortized (not IO like your loan) for 30 years.

Apartment numbers can be quite different than numbers on SFR's.It is comparing apples to oranges in my opinion.Investing in a 100 unit apartment complex is an entirely different investment vehicle than investing in 100 SFR's and the ratios can certainly vary.

You do also see an IO option on larger loans for stabilized property through Fannie Mae or Freddie Mac. 

If I was only projected to get a CF of $75/month per SFH, I wouldn't be buying in that market...so why use it as a comparison.Apples to apples. 

To compare the bay area to the midwest is like comparing apples and hubcaps.