I don't want to get into specifics but we passed on the property for a couple of reasons you mentioned.

The mistake could be costly.

From there it is really just a matter of determining comps, cost to rehab a property, and your timeline.I have helped several investors flip their first home in Austin and learn how to do it effectively.

In the case of the stolen furniture I would also ask how did the police offer develop the competence to read a lease and decide that was a reason to not pursue the case? 

Are there any specific areas that are reasonably priced compared to the cities? 

Every project needs a quote and you should be able to estimate the material costs.

If you have a good FICO, a decent down payment and closing costs, go ahead an do the first one. 

-Management is low - you'll need at least 10% plus leasing costs - typically a month's rent for each lease-up, and sometimes a renewal fee as well-Insurance seems low-Are taxes accurate? 

The latter would create mortgage rates issues, the former will eliminate a lot of fake demand and some material real demand in the housing market that is bid side.Mortgage rates higher + build costs higher(less labor + tariffs)= Kill demand.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.