I suppose you could say I was complaining that the barrier to entry feels higher than it should be, but your reponse didn't necessarily touch on that.As for the cashflow points you made, sure I could just not care about cashflow in lieu of the equity and appreciation over the years, but the idea that an HVAC replacement negating any cashflow made is kinda my point about the conditions of the market.

Even if you handle management yourself, budget at least 10% for property management costs so you’re already prepared to scale.

Landlord-friendly state, low barrier of entry in terms of price, and solid cash flow. 

Now we have a full leadership team handling various roles. 

@Shawn Questa I agree with you that there could be some opportunity here, but personally, with that little equity in the property, I'd wait for the pre-foreclosure process to start and  perhaps you can do a short sale (though I don't know the details on how that's handled in TX).

Much like other markets in the Midwest, investors go to our market because of the low barrier to entry.

You don't have a property manager, because if you did they would be handling these duties.  

However, its downfall (and really what makes it so easy) is that it is a single-entry system. 

Otherwise, I'd say watch those areas closer to Micron understanding the barrier to entry will be significantly higher in exchange for the lower risk.

-How are arrears handled, how do you ensure once arrears are caught up that seller doesn't walk on you. - Can you do subto with a lein on property.