This is not to say this is the only successful method of real estate investing, but as I'm sure you're well aware, with current interest rates and overall market conditions, sourcing and acquiring LTR deals is difficult unless you're going off-market. 

On paper cap rate looks good and I've heard there's a hot rental market, but not sure about in practice and what quality of tenants we could expect.  

I wouldn't touch Cleveland till it crosses 250k average housing unit which at this rate is probably 2050 

Everyone's waiting for interest rates to fall but not sure if that's going to happen now.

Otherwise, there is NO LIMIT on the fees and points that can be charged, in addition to no limit on the interest rate.""

The same lender said if they could come up with the other 5% they can go 30 year fixed interest only..This is more attractive for cash flow on a higher loan balance but will still be qualified based on the fully amortized rate and payment. 

This scenario often allows investors to purchase properties at competitive prices, potentially increasing their return on investment​​ and have smooth investing experience.Quality Education System: With several highly-rated public schools, Katy is an appealing location for families.

Mine offers a discounted rate when I used them.

The best thing for you to do is find an assumable loan from someone with a super low interest rate since VA loans are one of the few loans you can assume. 

Minor tweaks to the assumptions can cause wild variations in the calculated returns.The proforma is NOT God.If one steps backs and considers the notion any of us have a solid accurate idea what the world national local economy or interest rates or the real estate market in general will be like in 5 to 10 to 15 years are a heck of a lot smarter than I.