To further emphasize my point, here is an illustration ... say there is a 1550 SF house in Los Angeles, composite shingle roof, stucco exterior, etc.

And yes, Austin rocks literally, figuratively and financially ... so long as you guys are able to keep it weird :)You made some very good points that I think bear emphasizing.

In particular you should heed what @Ann Bellamy has said.I will add a point that has not been mentioned or at least not emphasized enough.

Again, I want to emphasize this house is very dirty.  

My college degree was in business and it emphasized real estate but I have never done that full time.  

And to the LO gurus credit, most of them also emphasize this POINT: Do NOT put people who weren't "pre- qualified, by a reputable mortgage lender," and also under contract agreement with a "good practicing RE attorney reviewed, LO contract" into an abode they aren't able to afford, or with poor, or worse credit, that can't realistically be FIXED... within 12- 24 months! 

A lot of info I came across emphasized a lot on how increasing NOI will increase the value, and I have not thought of the impact CAP have on Value. it is very valuable advise!

I'm also checking the recent land sales on Zillow to get a feel for the market in these areas and targeting counties that sit in the 5k-50k range.I started pursuing land investing (and REI as a whole) less than 72 hours ago so I cannot over-emphasize my ineptitude. 

I'll emphasize again the difference between SFRs and MFU 5+ - - the MFUs are evaluated  and appraised based upon the rents they generate, not neighborhood Comps. 

I have been in that business since I was 17 including those college years eventhough my business degree emphasized real estate.Several of my freinds have moved down to Austin but none are in the real estate business.