Where & what to buy in Austin TX with $175k?

[Bhuja Parikh]

I would like to purchase an investment property in Austin, my budget is $175k max. From what I've read SFHs are better investments than condos but with my budget I'm pretty much looking at condos. This would be my first investment property. It doesn't necessarily have to be Austin - I'm open to the surrounding areas. But I feel Austin will have the highest appreciation. 

I need to know (1) best way to calculate if a property is worth buying? (2) should i Airbnb it or do a long-term rental? to get the highest return.