Some hard money lenders lend at pretty high LTVs, leaving little equity buffer to protect your principal.

He prides himself on having "realistic" standards and claims to value inner qualities over appearance.

Crime and Tenant Quality: With the higher crime rate in 76104, how much impact could this have on tenant retention and turnover?

Perhaps others can weigh in on your estimates, but they seem high to me - especially the vacancies and property management. 

We've seen some unique things in the covid era 2020-2024 like high appreciation (that is not the norm), the low interest rates we had (prior to 2022), and the past year the stock market has done incredibly well (up 20% over the last year).

https://www.biggerpockets.com/forums/12/topics/1122318-quality-turnkey-companies?

I mention all this to in short say, expect very high maintenance on the front end. 

If you are looking at a 30 yr fixed DSCR, high 8s-10s depending on LTV, PPP, and Unit Count Rates highly depend on the type of loan and your qualifications.

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

Many experienced mentors in this group can help guide you in the right direction.I highly recommend saving as much as possible and setting aside a hedge fund for financial security.