Doing some additional research. I found the statistics on vacancy rates and rents. The numbers look promising. Vacancy rate is 3.9%, below Texas and US average, Rents are still low however, below Texas and US median.
Pete, I am very familiar with the market as I once leased to students back in 2006-2008. I have broker friends in the area, and I am a commercial real estate appraiser in TX. The BCS market is actually over-built for student housing. I recently went to a conference where Meredith Wolff from Fourpoint Investments spoke. She indicated that BCS was one of the least desirable places to invest due to the high vacancy. She was speaking directly to the institutional grade student housing apartment complexes, however. I'm sure this plays into the duplex-fourplex market as well. I worked for Terry Thigpin at Century 21 in town. I believe he is still there. Feel free to give him a call regarding the market.
My plan was to invest into the market in hopes of having a rental for my kids when they went there in 20 years, but have since pumped the brakes. I hope this helps. Take care!
I haven't started looking at other markets yet. I am waiting until I have a good chunk of change saved up to invest. I haven't purchased anything yet, but I analyze a deal once a week on average. Most of those deals are in DFW.
I hear ya on the flooding. That's a good note that I'll commit to memory.
The market is not too good at the moment for rentals. Too many huge complexes are been built targeting students and rents are low for what they offer.