As a thought exercise, if I were to sell and take my $45K of equity and put it in an index fund earning inflation-adjusted 7% return, it would take 16 years for that to turn back into my original $130K.

MAYBE they adjust that up or down 10% depending on outside factors but they’re not checking the assessed value. 

.- Interest Rate Adjustments: Interest rate cuts may not happen as quickly or as significantly as expected.

On a Fannie Mae loan, your scenario has a major Loan Level Price Adjustment (LLPA) of 4.125% for a second home with a loan to value of 85.1% to 90% plus a hit of .75% and another for .25%.

I suspect this is due to either a better sales group, or the risk was simply adjust higher on the ones I went in. 

Including Water in Rent: Another option is to adjust the rent for each unit to include the cost of water.

The PPP is only 3 years, so you'd have plenty of time to choose between years 4 and 10 if you wanted to refi or just pay if off before your first adjustment ever occurs.  

So it will just be a minor adjustment to consumers in the states that didnt require this already.

You may be able to utilize air dna projections, but, this will come at a rate adjustment usually versus long-term rent. 

With your excellent credit and a solid down payment, they may be open to adjusting their rate, especially if they know you’re shopping around.Explore Non-Traditional Lenders: Some private or hard money lenders could offer lower rates for DSCR loans, particularly if the property cash flows well.