Your CAP rate will be dangerously inaccurate if you calculate expenses incorrectly so let's break those down.Utility Set-up- As an overview you need to know the difference  between city-provided utilities and onsite such as Septic Tanks with Leech fields, lagoons, Wells, EtcGetting more specific what utilities are maintained by the community, paid by the community vs the tenants.I will give you a quick example, I own a park with a bunch of multifamily manufactured units of which I pay the electricity bill.

Didn’t need the equity for a down payment of new house and it’s in a great area that could produce significant cash flow.

For instance, while it can bolster initial cash flow by reducing tax liability, it could diminish deductions in subsequent years (when the property might produce better cashflow), impacting overall tax footprint, so you need to take into account all that in the context of your short term and long term tax strategy (e.g. if you plan on selling soon, at which time the depreciation gets recovered, or not and planning to hold for a long term/forever/1031, buying more later and creating more depreciation to offset cashflow or not, etc.).The alternative is a do-it-yourself (DIY) or survey option, which costs around $400 to $500 per property (I can do my CSS report in 10min, once I have all the data needed).

I believe there is a discount if you can produce the old title policy. 

And two or three financial publications then produce articles utilizing this unsubstantiated patently ridiculous claim as fact.

Now in-person inspections also have your back as the investor, having someone come out and check the quality of work your contractor is producing is good to know.

I was wondering if there are still some areas in the Austin Metro that can produce cash flow?

Are there lenders who will consider my past str track record when determining Debt-To-Income ratio in regards to turning my current house into an income producing property?

I personally would never buy an investment house that did not produce positive cash flow.

Oakland's worst areas long term, in terms of appreciation will IMO produce far more wealth than properties in Indiana and many other parts of the country.