The Wall Street Journal/Realtor.com Winter 2023 Emerging Housing Markets Index put the market as the #1 emerging market in America, classifying it as a hot market. https://www.ibrc.indiana.edu/ibr/2023/outlook/lafayette.htmlI've worked with a lot of investors who have found success investing in smaller markets throughout the state.

Sounds like a space you can throw up a hot plate and a small sink and you'd be renting out a part of your home in a week or so since it is already a permitted portion like you mentioned. 

But it's no secret that STRs have taken a hit recently and this is a thread of hot takes after all

"If the project is that hot they would not be cold calling, they would have investors beating down their door!"

Never assume, always ask; even during hot RE market.

If the house has no gas that means no hot water so it should not be habitableYou should let your tenant know there is an issue with the gas line and will require major renovations and they will be required to relocate.

Hot tip.

I've had someone from the state & a plumber go out & confirmed there is hot water. 

Such as a hot water heater replacement, flooring, HVAC work etc.  

@Mahbod Norouzi as Dan stated, any of the Austin suburbs are still going to be too hot for cash flow with a traditional down payment.