Are properties still appreciating at the same rate or are they leveling off?

Do you still see the traditional house hacking strategy working in the DFW area even with higher rates?

I think I understand your desire to take out a low interest loan, then lend out that capital to your builder at a higher rate of interest, pocketing the spread as profit.- What rate are you intending to acquire your loan?

This puts me at a cap rate of ~4.3%, and a CoC return of ~22%. 

Columbus will likely see the fastest appreciation just based on the rate the city is growing, but in Cleveland you will see high cash-flow and Cincinnati is a great mix of both. 

Otherwise, a DSCR loan will allow 15% down and have slightly worse rates.

Get pre-qualified with a lender (talk to several lenders in your market to get the best rate)2.

The neighborhood matters, 20-30 miles (often much less) can make all the difference between good/bad vacancy rates and rent rates.

Just realize the rate of return corresponds with risk.

Great income producing property, and will be more cash flow positive if rates go down and I can refinance.