Basically, I am looking for a good lender where we might secure a conventional loan with a more conservative PMI that wouldn't blow our budget out of the water.

Hey @Michael Martin, at 55 with a plan to retire at 65, most advisors should recommend debt pay down and more conservative investments as you enter the wealth preservation stage of life.

It certainly is more than SF Bay Area, but is not anywhere near the 1% model.The last property I purchased was in Nov 2021 and my model, which is very conservative, showed about a 1% CoC with 75% LTV on a 30 year fixed at 2.75%. 

Even at a conservative 8% cap rate the building is worth around $1.625M.

Vice versa, if you are just starting out, you might want to be more conservative to tackle any unexpected expenses that arise.The 70% rule is an industry standard, but that doesn't mean you can't adjust it based on your desired ROI.

As long as your are being conservative in your analysis and exit strategies I would move forward.

Under very conservative valuation at 8% cap rate, I believe the building is worth $1.6M+I was thinking about doing a cash out refinance at $1.1M with a 30 year term. 

I don't mean the following to sound discouraging, but I would encourage you to be extremely cautious and conservative before buying a random property in Dayton because someone - a property manager, an agent, the seller of the property, some random person on BP - tells you it's a 'great deal,' and you will 'cash flow.'  

In 2030-2031, taxes will be $349/month based on the information shared here.Seems as though the agent may be giving you a conservative figure which isn't the worst thing here.You are, however, right to be a bit skeptical here as this is a wide discrepancy.Has your attorney looked into this for you?

It seems like the averages I'm finding from FF and Air BnB are on the lower or more conservative end compared to what you can get using some of Jesse's tactics.