You can do extremely well if you work with the right folks.

As you mentioned the city is extremely block by block and quite complex.

I have 12-doors there myself and am extremely active there with other investors.Let me know how I can help!

I can't imagine it really has to do with this EXTREMELY minor payment issue. 

If you work and have a W-2 job then extremely hard to meet the REPs requirements...almost impossible.  

Quote from @Carlos Ptriawan:  They believe that they will increase the properties NOI by 45% over 5 yr hold, mostly through rent increases after doing 5K interior upgrades in all 252 units, thus adding 19 million to value of property. how is it possible increasing rent 50% in 5 years period in place where comps and rent is decreasing, this local market is extremely saturated.For me if I have to buy in Austin I would find complex that could give DSCR 1.3 at least with 80% occupancy.if they increase rent 50% then we should do intelligence on their closest neighborhood's rent. 

The statutory burdens on the seller are extreme and can be financially devastating if a mistake is made.

I know this is bogus and I have sufficient documentation to prove so I am not extremely worried about that.

Also if your a private money lender or do DSCR please reach out to me, as I am extremely interested.

And the ability to continue to harvest depreciation over the years with an extremely durable asset is key.Last thing that didn't get mentioned specifically I don't think is the "tide effect" of inflation.