I would recommend you get way into the weeds on your due dilligence- septics, roofs, subfloors, hot water tanks, drainfields, etc. 

People were selling houses for $10,000 six years ago and then prices shot through the roof for the first time.

Fresh landscaping, new paint, new layout, add a bath, a room, a garage, finish the basement, new roof, kitchen etc are just some ways to add 20,30,40K to the value with sometimes minimal investment.

If anyone out there is looking for trusted trades in HVAC, Electrical, Roofing, Foundatio, Framing, Painting, Drywall, Cleaners, Junk Removal, etc., let me know.

Other than that the roof is good.

There are currently 9,000 properties listed in Lee and Collier counties and 2,000 or 22% took prices drops in the last 7 day alone.Adam -- I'm in the process of building on the Cape and for the newly permitted builds, I've noticed pricing is coming down on key building materials - roof trusses, windows/doors, shell pricing, etc.  

He found someone to fix that roof for far less than the insurance company paid me, and they did a good job.

As well as having enough cash reserves to handle the repairs that will come up on an emergency basis , such as a new roof, or a new furnace in February . 

. $45k from several unexpected large repairs (water leaks, roof collapse, siding rot, plumbing main line, etc.)These issues are also causing me to rethink the assumptions in my model, increasing my vacancy rate from 8% to 12%, repairs from 5% to 20%, and capex from 5% to 20%.

Just make sure that you understand the maintenance (foundation and roofs) and tax/insurance costs that come with owning property in Texas.