It sounds like you won't have any trouble qualifying..In Oregon there are some tenant laws that can restrict active CAP rates, but those with current market rents (or that can attain them near term) can approach double digit return rates.

Hotel/Motel, Condo, Apartments all have had substantial rates because a lot of companies have either stopped writing the business or non-renewed it and the companies that will still write it have to take premium because of the risk they're taking on.I know that doesn't help you at all but my advice would be if you have an independent agent who you trust and like and believe they're doing the best they can for you stick with them and let them work all the markets for you.

These markets often offer better entry points and potential for appreciation.

If it's really a deal, get it under contract for a longer period 30-45 day and market your contract like crazy.

Nashville is a large market, so I can't imagine you'd do poorly there.

The data for recently sold homes should support time on the market of 2 weeks or lessYou're now 3 weeks into the project. 

If just starting out maybe do a small flip with a good mentor in your local market or buy your first rental to learn the game and start building that wealth.

But I have read many topics on here, many investors facing difficulties with BRRRR now as the market is “not right” which make me have to think again about this strategy. (70% rule still working for this market?)

Due to the market appreciation during the last few years of regular payments I was able to remove the PMI from all loans except for one.

Quote from @Randy Vincent: It depends on the market.