You left out information that maybe relevant such as taxes/insurance per year, maintenance cost anticipated per year... plus other expenses depending on rental such as management fee(if you aren't manager), advertising cost to acquire renters, etc....

If the PM screwed up your insurance claim, why did you continue working with them?

Below are the key factors companies consider when choosing a city for investment:Low operating costs: Companies are unlikely to choose a location where state income taxes, property taxes, and insurance consume a significant portion of their potential profit.

The 70% sounds appetizing but 70% of nothing is still nothing, so make sure you clarify all the financials, insurance for damages, etc.

Are there any insurance companies that people would recommend for this investment strategy that do operate in the Austin, TX area?

I’m curious to hear from other investors who have ventured into flooded properties such as what challenges did you face, particularly with insurance and permitting?

I use Auto Owners Insurance.

Your monthly payment would come out to roughly $2400/month including HOA, taxes, and insurance.

Depending on your taxes and insurance rates in your market, these could be a little higher for you.

I've researched local markets and don't think Ill have any issues finding a renter at about a 10% return after taxes and insurance.