@Tyler D.
In response to your question: "Is it true that any house can flood there, even those outside of the flood zones?" Yes, absolutely! There is no rhyme or reason for a home to flood and the one next door didn't.
Like you, I was itching to buy in Houston. I waited 8 years and finally decided it wasn't worth it. Why? It bears repeating..."It never floods in the same way; it always floods, and no house is immune to flooding. Many Houstonians are migrating to higher ground -- central Texas (Austin or San Antonio) -- where it doesn't flood and selling to clueless out-of-towners." The flood maps cannot be trusted anymore because the constant building re-routes the water flow. The ground is super saturated with ground water.
Houston is now the third largest metro city in the nation, surpassing Chicago in July 2014. Its strong economy has attracted many folks from the rust-belt states. As a result, there's a lot of new homebuilding, land buying and developing of NEW NEIGHBORHOODS in the $300K-$500K range. All the major homebuilders have a stake in Houston for their growth (ex. Pulte, Toll Brothers, Lennar, KB Homes, etc). What people do not know is that the land Houston sits on is actually marsh / swamp terrain. The original crops were rice patties, and there are many creeks and bayous that OVERFLOW with a good storm. What's worse, local politicians are at a loss with solving the problem as it very quickly becomes a property tax issue and homeowners are having a very hard time getting property insurance. So, beware.
Re: the San Antonio questions... "What do you think of the unemployment situation in SA? Is it bad enough to where you wouldn't consider it for an investment?'
When I lived in Austin and worked in tech in the late 90s, San Antonio was considered a step-child. Now, San Antonio seems to stand on its own merit, capitalizing on it's rich cultural heritage... the influx of retired vets with second careers COMBINED with the expansion or migration of Austin tech companies to San Antonio is promising. High commercial rents and housing in Austin are making tech firms consider San Antonio as a viable alternative (decent schools, similar weather and terrain, etc). The influx of out of town people in San Antonio was sorely needed to diversify it economically. The major employers here have traditionally been HEB (a local grocery chain), USAA, UTSA / UTSA Medical and military bases. After a Toyota manufacturing plant moved in on the south side of town, bank 'call centers' followed -- it was a game changer because growth was traditionally always on the north side of town. The high unemployment tends to be generational and (sadly) among locals.
