I'm in Detroit now for inspections on one and to generate the scope of repairs on the other.

Focus on neighborhoods near employers or schools, and explore slightly outside Austin for more affordable options. 

Commercial Revenue Generating properties like office buildings, apartment buildings, retail centers, etc (banks call it "CRE" lending) are typically evaluated from their net operating income, not gross.

Any ideas on what I could turn it into to help generate some extra profit?

You need a lot of units under management to pay a maintenance tech 40 hours per week.When determining when to hire a PM or ops team member, that greatly depends on how much revenue your units generate.

Where we expected to gross between $30-40k, we are grossing $60k and generating around $2000 per month in cash flow.

One fast way to generate cash flow is to invest in high cash flow, low appreciation markets (say several midwest e.g.

A real estate business can also potentially generate a SOLO IRA or something like that. 

Also be aware of Unrelated Business Income Tax (or UBIT) on leveraged real estate inside of an IRA.Or better yet, since you are self-employed - go with a truly self-directed Solo 401k plan, which would be a much better option and will help you avoid the UBIT on this investment.

If you are self employed with no full time employees then you should consider a Solo 401k for your traditional funds and no UBIT on leveraged real estate.