Welcome @Anjana Vakil. I would have to agree with what @Guy Gimenez has said. I've been living in austin for over 20 years and investing for the last 3. What is your definition of moderate budget? The Austin metroplex has suburbs that will fit your needs/wants with a close enough commute to the entertainment district. You don't have to live absolutely downtown to enjoy the quality of life Austin, Tx has to offer. Just saying.
Cash flow property is definitely more and more rare to find. real estate is bought for long term wealth. Austin is still a young city with ample room to expand.
Sure, people will complain about traffic/ transportation infrastructure, those are the ones that use the main fair ways to get around and may not be familiar with the smaller neighborhood thru streets. I can assure you that the congestion here does not compare to L.A, California or other more congested cities across the country.
Thoughts?