Real estate investment in Katy - Do's & Don't's

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Hi all,

I am a foreign real estate investor looking to purchase a buy to let property around Katy area. Target property would be :

- 3/4 bedroom house in a nice residential area. 10-year-old max & ready to move in. No flooding areas

- Budget ~ 250 K ( to avoid competing against first-time buyers around $ 150 K )

- Appealing for upper-middle-class young professional with or without children 

- Cash payment

I am targetting a property that could generate a between 8 to 10% gross annual yield ( down to 3 or 4 % after deducting all costs and taxes ).

Feel free to share your recommendations, warnings, concerns or advice about my choice. Is Katy a suitable area to target or are there better places with better return prospect and easier and rent out ? Are there still attractive new developments in that area that meet these requirements?