I don't know Waco economics at all, but I'll bet there are 1000 units of some kind available for rent a town of 140-150,000 seems like a lot to me. 

The taxes in the towns i'm here in illinois are 3.1 to 3.4% of the assessed value. 

I contacted the City Hall or Town Hall in every municipality near me. 

Final update.Project completed.Rented and Refi, this project as I mentioned is the first out of town investment we've purchased, I have uploaded final pictures I hope you like it.the deal when well, I had to leave more money in the deal that I wanted but over all a great experience, because we started with the BRRRR we fined contractors right away and we felt confidante and that give us the push we needed to purchase more, so now we are proud the report that we have 3 properties (4 doors, 1 duplex 2 houses) that all are rented and cash flowing well, and also one more under contract!!!!

I also suspect these regulations are coming to a town near you if they haven’t already because  that’s the trend.

I just feel more comfortable to start manage nearby homes to get comfortable before we can venture to out of town places.Maybe this way of thinking is not even the best approach to start out the investing.

There is huge cost leverage in population density: from over 1,000,000 per square mile in a big city to 20,000 in the suburbs or 1500 in a small town, just think about the cost of roads per household. 

It was a self-storage property in a small town in Central Illinois with a recently underway residential development adjacent to the property, so lot's of upside.

Dirt cheap bandit signs around town about 150 placed and dotted around local zip codes with hot spots of interest/traffic.3.

I think AIrBnB and Vrbo has some automatic adjustment for our listing on the off chance that there is a big spike in demand for a big concert or SportsBall (TM) game coming into town.