Long distance investing in Austin

[Kamrava Pirouz]

Hi everyone. I'm moving to New York in 2 months. Of course I can't buy anything there but would like to own property before I'm 28 (26 now). I know Austin has a bright future and I love the city, so I'd like to buy something here and manage it from NY. I'm open to investing in other cities, let me know your suggestions. 

I'm curious if there's a flaw in my strategy: Buy a duplex with existing long-term tenants that has decent cashflow and room for renovation. This way, I can immediately begin collecting cashflow from NY, and eventually come back to oversee a fix/flip. I need at least $200 cashflow per month after property manager's cut. Appreciation will be a bonus and I don't see Austin depreciating in the next 5 years. 

I've heard people say Austin is not a good place for multi-family investing right now. Why is this? Should I be using the same strategy on a single-family home instead? Any other advice on long-distance investing?

Thank you