The market is pretty confident the Fed is going to lower rates at least .75% before 2024 ends, which will spill over into mortgage rates.Side note: Your closing costs seem crazy high for a refi. 

BP wont let me post the link but you can search "Investors Guide to Memhis Real Estate" anywhere you listen to podcasts and you can find the 2024 Memphis, TN Investment Zip Code Break Down episode. 

Capturing a large swath of possible renters from military to commuters into DC.

Like Charles mentioned, there are plenty of things (pros/cons) that go into investing in real estate.

As you grow, there are an unlimited amount of variables that can be introduced into the deal structure.

They are in the closing process of selling their house and will profit from it and the money will go into housing for the mom and the 2 kids.

Phycologically, it should drive even more people back into the market, which is a good thing.

Based on some posts in forum, seems below areas are worth to look into such as Carersville, Rossiville, Austell.

My thought was I could purchase the property, break even, and refinance in a couple years when rates hopefully come down. 

I personally would recommend looking into BRRRRing and flipping houses so you can leave and rinse and repeat your capital as much as possible.I would recommend working with a good investor agent and other wholesalers.