This has to do with the the massive demand, curtailed supply (one side is the ocean!)

Here are basic stats on single-family home sales for March 2018 for the City of Austin and the greater Austin area:In addition to Austin's housing supply and affordability issues, we can now include increasing mortgage interest rates to the significant forces applying downward pressure:The Fed is anticipating three to four rate hikes in 2018. 

This could lead to dramatic increase in supply.

And most importantly a huge supply gap. 

Not saying this particular house isn't the unicorn, but sub 200K houses are in incredibly short supply. 

Sellers accepted our offer of $28,000.Bank loan terms: 20 year AmortizationInterest rate 5.50% fixed for 5 years then adjust to WSJ Prime plus 1%Waiting for results on inspection and survey supplied by seller.

But you may be better off supplying the listing description yourself, if you end up working with him.Feel free to PM me for an intro. 

@Will Grabert,Rents can definitely recede for a variety of reasons, e.g. major employer leaves, over supply being built, 2008.

I was anxious to get going and the supply is tough for multi units, especially close to Charlotte.

It might sound attractive to pick NC because of prices and supply of inventory or what most people would say "better deals."