Returns on paper are higher the higher the cap rate is, but actual returns are higher the lower the cap rate is in my experience.

BUT I also know that I probably won’t get such a low interest rate again in a very long time 😅 so I don’t know what to do.

This sounds like it would possibly be a rate and term refinance since your balance will be $203,000.

This will be my first rental property so want some advice.Purchase price - $195KDown payment - $59,176 (25% plus other closing)Annual rental income - $29,424 ($2,452 a month for 4BR)CoC return 10.7%Cap rate - 9.7%; Price to rent ratio - 6.6Cash flow will be over $5k per year after paying taxes and mortgage.

We got it for a really good price of $360,000 on a super low interest rate (3%) back in '21.

So, I'll not even be in positive with the interest rate we get these days.

It's the best way to cash flow with current rates and prices.  

Medium to higher prices that cash-flow or break even (at current rates) are probably C/B- class.

It's great to hear that Jeff Chisum and his team at Northpointe Bank were helpful in securing this for you.Adding Value: Your strategic patience and communication with the selling party to secure a deal at the right price is an excellent lesson in the importance of relationship-building and negotiation in real estate.Short-Term Rental Success: Achieving high ratings from guests is critical in the STR business.

You typically do not want the seller fixing as when they are selling they tend to (dope stuff up for cheap) and can't be found after closing.