SFH investment in Austin area

[Vipin S.]

Hello, 

We have been thinking of moving to the Austin area from Bay Area California but we aren't ready yet to move out. We thought of buying a place in Austin suburbs and renting it out initially and later on (5+ years) perhaps move and live in as well. A few aspects of our search:

Single family home with 7500 SQFT+ lot size, excellent public schools, suburb life stye, newish homes, good rental prospects, a budget of max $700K.

I understand the market is pipping hot right now so not sure what the winning strategy would be but we are open to all-cash buying opportunities if that helps in any way. We are concerned about property taxes so need to find something that won't blow up the property tax bill assuming house prices continue to rise 20-25% per year for next 5 years. 

What areas should we look at? What do you think of Cedar Park, Lakeway. 

Let me know if I am missing key pieces of information.

Thanks!