Are vacant properties in Texas a better investment compared to other property types, considering factors like acquisition costs, demand, potential appreciation, and holding expenses?

If you can't get the seller to reduce down to that appraisal, consider walking away. 

@Michael Dallas see if seller will do seller-financing with you.Or, find a more knowledgeable partner to help you.

You’re thought process is good, BUT, if your market timing is incorrect, or the specific property you purchase lacks tenant demand, you can get stuck with an “alligator” for a long time.  

Our ability to act quickly and decisively ensured we could close the deal efficiently, making it a win for both the seller and our team.

Cuts out 80% of communication and collecting demands with tenants. 

Know the demand and supply in the area. 

What loan terms will the seller accept?

Since you're purchasing it under market value, you shouldn't have an issue getting it appraised at $145K.The seller would net $140K and the additional $5K would be seller's concession towards broker commission and closing costs. 

Don’t sellers pick their own title company?