Any recommendations or insights on how to find the right fit would be incredibly helpful.Tenant Screening: Lastly, I'm curious about effective strategies for finding high-quality tenants, especially when renting out rooms individually.

Buy, refinish the floor, spiff up but don't modernize, then trot on down to the Huntington Collection and furnish with quality, durable antiques.The niche market I'd target is rich parents of out of state child actors coming out for auditions.

I suspect your rent estimate is still low unless your property is a very low-quality rental.

- How's the tenant quality ?

I just think the rents are low enough to get a whole apartment outside the in demand areas that you'd have a tough time with getting quality tenants wanting to rent a room over just renting a studio or 1BR apartment. 

You make a valid point about the active involvement required in being a landlord, even in high-quality neighborhoods.

You said you live in Austin, no better way to learn than directly so, there is a syndication group Viking Capital LLC, that is buying/raising for a 252 unit property in NewBraunfels, about 45 min south of Austin, watch their webinar at their website below and they have an 82 pg slide show as well, then take a 3 hour trip to go see it, walk the property, go into office ask about the units available/leasing how the market is from the office staff, look around for quality of property/deferred maintenace needed then drive the area for other competitor properties.

I guess I will have to decide if cash flow or “quality market” is more important for my first deal.

Build a framework for your prospective investor calls to provide a quality experience for each person 

Showing a property in bad condition is only going to attract low-quality renters.