The area is pretty hot right now . I just sold a property close Right across is 78725 ( area is pretty good ) Finding a Rental is pretty tough as prices are on the rise .
78724 has been a low income area of town for a long time, but has started to transition. There has been quite a bit of investor activity across from the Expo center, and there are plans for a massive mixed-use development there. You're still going to find a wide variety of tenants there, more low income than not, but the area is well positioned for appreciation over the next 5 years.
I'm selling a property in 78724 next month. It's currently leased at $1500 and will be listed at $200k. Not a strong investment performer, will most likely sell to a first time home buyer. Not sure if this is a good neighborhood to buy in now... shortly the area will have to compete with new construction. Use Hutto TX as an example: a ton of resale inventory on market now as new construction has taken over adjoining farmland.