However, keep in mind that  agency debt is often "assumable", so you may be able to simply transfer the loan to the next buyer, without paying the pre-payment penalty (although there is going to be some assumption fees for the transfer.)Another consideration is that if you're going through Fannie Mae, there's something called a "supplemental loan" which can help you, or the next buyer, to re-leverage the property if the equity has increased a significant amount.Hope that helps!

My aim is to keep them within 5% of market rate at all times.

It seems very attractive due to the cost basis and would aim to refinance all, or nearly all of invested capital once the property is stabilized and financials seasoned.

Aim for a solution that offers the best of both worlds.

I assume you aim for a refinance in a few years - what needs to happen until then?

Aiming for 30 year fixed

When you're looking to purchase a yellow, Aim for a WHITE with a creamy-yellowish-hue, and above all, avoid the greener-yellow tones at all costs. 

As a new investor, I too was once aiming at Josh Cantwell's Freedom Funding system.

You could gamble and aim higher like A/B+ class but those properties are at least $170-200K asking in Indianapolis.

@Ed MartinezYou should aim for twenty to twenty five percent down plus reserves for vacancy and capexWith ten percent down, you have a tough road ahead