You will likely need to sit on the unit for a long time or reduce initial rent below the market for that unit to rent during the Winter. account for this by either offering a Winter special that will increase to market in the Spring or doing a short lease that ends in the Summer.

These will definitely be helpful to consider especially the insurance in my area of SoCal where companies are leaving and prices are increasing. 

You may think that photo is the best photo for your listing but the data shows that when the other photo is used the CTR increases.

@Devon ShivesFrom my experience, If you're considering a cash-out refinance, negotiate for a smaller amount to keep the increase in your mortgage payment manageable.

If JC is a must, that's fine you'll do well with appreciation and rent increasing depending on the market with in city.

You can refinance sooner than that but you'll need to paper trail all of the improvement costs that lead to the increase in value.

To pick a location, I understand I want to evaluate median income, a large population of those approaching retirement age, and a decently dense population.

That's not to say you can't do well there, but I'd encourage you to look at Belton and Temple (which can also be very rough and block to block) rather than Killeen.The good news is that there continues to be serious population and job growth in the area.  

Hopefully your local market is growing - population and jobs increasing.

It's based on the purchase price and will not include any improvements, reno, or increase in value since the purchase.