Financing rentals for cash flow vs equity

Hi all!  New to rental investing.  Plan is to purchase first 4 rentals next year, single family units in Central Arkansas.  Long term plan is to acquire 100 units for cash flow and cash on cash ROI is a focus.  I sat down with a local banker and they want 20% down, but said they would only do 20 years ARM max and only newer homes, most would be 15 year ARM.  His pitch was this is better for the investor because on a 30 year note the necessary maintenance & renovations of outdated systems would offset any cash gains realized from the cash flow position.  Of course he touts the equity as a benefit too.  I've done the numbers and my math does not seem to agree with his assertions.  Just curious if any one has thoughts on this and advice if you've ran in to this when visiting with a banker, how you handled it. 

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