The key is to formulate a business plan that IS NOT dependent on refinancing and if a successful refinance does present itself with attractive rates, you can capitalize on this and consider it "icing on the cake".Again this is just my two cents.

A better calculation for your property is IRR …IRR is calculated using the same concept as net present value (NPV), except it sets the NPV equal to zero.

Bookkeeping for the real estate space is difficult.I often see a lot of issues with books that are presented to me.The three main issues that I see with books1) improperly recording the purchase / sale of real estate.

." - Everything was good... until you presented this red flag. 

I don't like to limit myself by property type but the opportunity present unless you are trying to build a specific portfolio to sell to a REIT in the future.

Any and all offers must be presented in writing on a Contract For Sale.

Some vendors present.

Outside of that have good photos and presentation.

If we see interest rates improve that early in 2023, I think the inherent demand is certainly present in the Austin market. 

Keeping an eye on the statistics tells us about the present, but can't reliably predict the future.I've helped several investors buy Airbnbs throughout the Valley, so it is definitely an issue I keep track of.