House hacking potential in Austin

[Lauren W.]

I'm an Austin native who sincerely regrets not buying a home when I first moved back in 2013.  I'd love to purchase a duplex in the next 1-2 years (self employed and will likely need to wait until 2017 returns are filed to qualify for mortgage).  I'd live in one half while renting out the other initially, with the intention of holding onto the property as a long term rental.  I'd want to live as close to central Austin as I can afford (<$350k) - transitional areas like SE or Rundberg still preferred over outer suburbs like RR/Pflugerville/Leander.  I'm not willing to bet on appreciation and will only move forward with a purchase if I can find something that makes investment property from the time of purchase.

With our high taxes/insurance and ever increasing RE prices over the last decade, cash flowing properties seem rare to nonexistent based on MLS listings. Does anyone familiar with Austin real estate think this could be a realistic prospect? I'll definitely work with an agent when I'm a little further into the process but would love any input from the BP community at this point