The properties are often flawed and no well-suited for a family to live there long term (lot's of bedrooms, but tiny living room, no yard, no garage etc), that's why they sold for a discount an get used as STR.

But I see people turning long term or highly appreciated primaries in to rentals.

A more holeistic approach is needed: long term wealth is mostly created by principal pay down and appreciation.

Renovating a duplex can boost cash flow and long-term wealth.

The neighborhoods between Park Circle and Hanahan will likely do well long term as well. 

Being out of state, I would suggest vetting your "team", meaning find an investor realtor, lender/s (hard $ / long term), property manager, contractors, etc.

How much net profit in general should I look for on a long term buy and hold rental property like this?

You will both incur long term capital gains. 

.: Does anyone have any information about the short term rental market in Kyle Texas?

Absolutely - East Hill is a really popular area for traveling heath care professionals, as well as military on short term TDY orders who are looking for furnished stays.Keys to success for my condo have been keeping the furniture fresh, and not looking like every other listing out there.