Even though there is low inventory, interest rates are high, and many properties don't cash flow, look harder there are always deals, you just need to find/make them.

Quote from @John Warren: @Mordechai Chaimovitz cap rates and NOI are commercial real estate terms, and 1-4 units are not really valued in the same way.

When evaluating markets for rental properties, there are a lot of factors to consider: population growth, employment rates, rent to price ratio/GRM/Cap Rate, rent trends, vacancy rates, etc. 

@Tom Rairdon If you’ve owned your short-term rental (STR) for over a year, it likely qualifies for long-term capital gains (LTCG) treatment, taxed at lower rates (0%-20%) compared to your 33% ordinary income bracket.

My main concern is the interest rates being so high now as to whether what I'm hoping to achieve is really even possible. 

As Vince said it is a quick guideline and won't work in most places with current interest rates and house prices. 

Also I've heard of some DSCR loans that are not too far off from conventional rates.  

What interest rate are you getting?

They are asking for 28% capital call proportional to investment amount. primary purpose of capital call to survive high interest rates for next 1 year and hoping interest rates gets favorable by then.

I believe that the Federal Reserve is going to cut rates by 25-50 bps at it's September meeting (no emergency cut), but that 30-year fixed rate mortgage rates will rise to upper 6s low 7s around the same time, and Commercial borrowing rates, including for multifamily, will increase as well.