But in my opinion, the biggest issue I see with folks jumping into their first "big" multifamily deal is the quality of the pro forma. 

They must provide quality service, or their clients won't want to pay the price.

Me having several thousand good reviews help, but personally I would not book a property with 0 reviews. 

HI @Harmeet Janjua It is not impossible to find a good deal. 

Find a quality agent in Texas, then ask them if they offer a referral fee.

Cash flow is good, and appreciation has been solid for a while now too.

Even though buffeted by high interest rates and spiking insurance premiums, overall prices are still rising.

@Travis HillAlso to your point on driving around I’m a big believer in grading the street within the neighborhood.The neighborhood may be an A but if the streets a C - it might not be a good flip opportunity but a good rental

@Christopher HeidrichRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

My guess solely looking at your numbers is that it's an older/distressed property which means you have to account for more costs in capex. 2nd thought being it's not in the best of neighborhood then you'd have to take into consideration lower quality tenants/ neighbors and maybe increase expected vacancy and late payments.