high interest rates have hurt cash flow and long term rentals are still a great investment... they're just not going to throw off rental income in the first few years of ownership.

You had me run two appraisals that both came back good but because the rates were changing at the time you weren't certain you could sell it on the backend(this came directly from your agent, who happens to be a decent guy).

There is no stock account that gives the leverage real estate does, at as low interest rate real estate does, at as low risk/ volatility real estate does. 

2. don't use an appreciation rate.

Yes, your rate will change but not much if you have good credit it will go up around 5.875% to 6%.

To further boost occupancy and revenue, consider revisiting a dynamic pricing tool like PriceLabs, as it works best with more time and data to adjust rates competitively.

You get a Capitalization Rate (CAP Rate), which equals your annualized return by dividing the Net Operating Income (you had gross in your narrative) by the purchase price.

You are still exiting with a refinance and thus the terms wouldn't change on the exit whether you are buying in cash and then refinancing versus doing a construction loan and then refinancing.

ConsiderationsCrime Rates: Some parts of Albuquerque have historically struggled with higher crime rates.

However, real estate investing is long-term, and markets are always changing.