Investing in Austin while in Bay area

[Amey Naik]

Hi, I am a professional working in the Bay area, CA, and would like to purchase an investment property in Austin TX. I have experience living in Austin for about 4 years till I recently moved here due to work-related reasons. I am looking to invest in an investment property in a good school district like Avery Ranch or Brushy Creek. 

Based on my calculations for a house of $400,000 with about 35% downpayment, 30 yr home mortgage, monthly payment is about $2200, and I believe rent is $2100 to $2300. This means the cash flow is almost $0. 

Is it safe to assume I can cash-in on the profits after about 5 years since Austin is a growing market? This is my thought process. I am afraid to venture into Georgetown or Leander TX since I will it will be hard to find tenants there. 

My second biggest concern is handling a rental property while being so far from it since I live in the Bay area,CA.

Please let me know your thoughts on this. 

Thank you!