You’re very unlikely to get 5-8% CoC on an LTR without a combination of a few factors:1) Creativity to push the income up (ie STR)2) Rehab in the project3) House-Hacking

Besides tougher affordability, mobility desire is high along with the trend of couples marrying later in life (reducing DINKs) and many other factors. 

Here's how I structure it:Add the base rent, utilities, lawncare, and even TV/InternetDouble the priceCharge a deposit equal to one month of rent at the doubled rateCharge a non-refundable cleaning fee based on $100 per bathroom and $100 per bedroomMost recent example is a house that rents for $2,000 a month.

It includes products such as DSCR where DTI isn't a qualifying factor.

As far as rates, keep in mind cash out refi rates are always more expensive than purchase so even if rates drop you wouldn’t necessarily get a better rate and tbh it’s my personal opinion that rates are likely to remain in mid 6’s or so for the next few years, As far as appreciation with rates dropping, I’ll be honest I thought going from 8 to 6.5 would be a bigger impact than we’ve seen and while it’s stillpossible we see that come spring I do think some markets are just too expensive and are likely to go nowhere for a while, I think the areas with the best appreciation over the next few years and this is just my personal opinion, under 400k in prime Baltimore location’s, under 500k single family in Howard, PG and Anne Arundal county and under 400k single family on the eastern shore, the reason being those are still area’s that are around par if not cheaper than rent that are also nice places for a family to live, while most normal home buyers aren’t necessarily looking at price to rent ratio it certainly factors in subconsciously and I believe though I could certainly be wrong any growth from here on out is going to be driven by 1st time buyers looking for single family homes that are affordable to them relative to the rest of the metro area.

This is why its important to speak to your CPA and attorney before setting up LLC's as in many instances you may not even need one and in california save the $1000 a year in fees for having one

For example, with a purchase price of $500,000, you will save $1,500 in closing costs.We also pay about $200 in other fees including credit report fee, flood certification and real estate tracking fee.Our origination fee is 1% of the loan amount and it is capped at $5,000.

I agree with @Joe Won even if the earnest money got as high as 2000 or more that shouldn't be a big factor.

Sale price was $1.8MGross Rents- $220,000 annuallyMgmt Fee 6%= Taxes and insurance= $32,000Other - Expenses- Maintenence upkeep= $20,000Not accounting for minimal vacancy.  

This is quite a common scenario but not knowing some more intricate details of your situation, I would recommend for you to proceed with a sale as the your monthly rent would not be sustainable to cover your mortgage and repairs/maintenance as well as management fees.