In Collin County, consider properties with strong appreciation potential in areas like Plano or Frisco.

Is that a correct assessment?

Over time, you can quickly assess whether a deal is even worth further analysis before diving into detailed underwriting.

From there we identify properties that could have some potential and if you are interesting in diving deeper, 1) we do a thorough video walkthrough to give you a realistic look of the property, 2) we give a ballpark estimate of rehab costs (we do 40 a year with our GCs o we will get pretty close), 3) we talk through market rent with our property management team, ARV, and potential highest and best use.Ideally you find great investor agents who know their market really well and have a network of resources to provide you with enough confidence to take reasonable action. 

We are being conscious of property tax on a vacant piece of land (our potential liability) as well as the potential capital gains taxes (their potential liability). 

Also when you are under contract and get condo docs, make sure to read the meeting minutes (for the past year if available) they will indicate if there are any talks of an upcoming special assessment (which you don't want).

But with more it could probably be apraised for 500k ARV or more.Also the house has a lot of rental income potential aswell.

Even if the rental has a decent cash flow with additional flood insurance, we're still not sure we want to take on that risk as we are out-of-state investors (planning to move back to KY in the future, but not now) and we don't like that it will potentially bring down the perceived value when we try to sell it in the future.The seller has never lived there and has not provided any information on if it has flooded before or not. 

If you want good cash flow but amazing appreciation potential and rentals you want to hold for the rest of your life, I would definitely consider Columbus!

@Jerry Velezif a property is owned outright with no mortgages, debts or liens on it, then it can (potentially) be purchased on seller financing.