The appealing aspect here is the ongoing population growth and other economic factors.

The Major international border project is nearly complete called the "Gordie Howe International Bridge" This will increase the connectivity between Detroit and Windsor Ontario and create synergy which will change both riverfronts and the surrounding neighborhoods "As one of Canada’s most significant infrastructure projects, the Gordie Howe International Bridge is creating thousands of jobs and driving economic activity today and will serve as an important trade corridor for Canada and the U.S. once complete and for generations to come.

I own the world's largest tiny home. 

While the DSCR calculation as noted above is a bit "aggressive" and looser by not taking into account many expenses, its somewhat balanced in that these are 30-year typically fixed rate loans where the rents should increase much more over the term than expenses (and largest typical cost - debt service - is locked in). 

August 2024 payroll numbers continue to show a resilient job market, despite revisions expected to push the data higher, following a trend seen in previous years. Economists note that job growth in typically underrepo...

Also, focus on markets with strong job growth, affordability and economic development.

But the question is whether one can actually achieve the proforma cash flow on older properties with a less economically stable tenant base.Based on your picture, you appears fairly young.My advice is buy properties in quality locations think long term 10 to 15 years - slowly and safely build your portfolio - equity and cash flow will increase over time and in 10 to 15 years you may become financially free.People talk cash flow is king but one can NOT generate financial freedom cash flow with $250,000 or $500,000 invested (equity).Even at a 10% cash on cash return, one needs $1.2M invested to generate $120K a year $10K a month.You want property to be self supporting so it needs to cash flow but once that is reached the focus in my opinion should equity growth which increases net worth.

When you can refinance and how much you can take out is largely dependent on market and economic forces that are out of one's control.

I'd recommend doing some research into what markets you want to target (landlord friendly / growing population / economic drivers and developments) of those markets. 

I suspect the jobs market and economic data is going to come to light after the election which will show the economy is not as good as we thought and potentially provide a little more relief on interest rates.