Some tenants had water bill, gas bill, non payment, etc of up to $5000 in balances.

Hi Joshua,To gain a clearer understanding of the overall condition of the home—including plumbing, electrical systems, HVAC, and the roof—and to identify any major issues such as asbestos, water damage, mold, foundation concerns, or wood-destroying insects, I strongly recommend having the prospective properties thoroughly inspected.

The house has a new roof, but HVAC and water heater replacement might be needed in the next few years.Also, mortgage rates are currently around 7%.

Don't forget to change all your faucet aerators and shower heads to low flow it makes a huge difference as well as far as water usage and saving HOT water. 

It wouldn’t work in a red hot market like we had a few years ago where everything was selling super fast, but in todays market there isn’t as much urgency to see properties and get offers in immediately.  

I stopped at the "right" part.You need to start interviewing PMs in Austin, getting a feel for prices to renovate(hvac, water heater, floors for material + labor, etc.).

Otherwise, you may need to replace a water service (13-15k), electrical service (10-15k) and upgrade wiring (This is a tough one, but maybe an additional 8-15k inside).

A 3/2 in CA is a bargain for $300K while in our markets, $300K would get you a move in ready 4/2 on the water. 

Try to anticipate other potential avoidable situations with a follow up inspection to assess the Locksmith’s work and ask your tenant(s) if you can also use the time to assess for other issues such as unchanged HVAC filters, leaky pipes, working shutoff valves, working smoke detector batteries, properly working downspouts, clogged dryer vents, evidence of water damage from leaking roof, etc,etc,etc.

And I will state different jurisdictions have different rules, processes, expectations, etc.In my area you are required to have a permit to swap a water heater.