Austin is a fantastic market, with its growing tech presence and vibrant culture, making it a great choice for your future career. 

Quote from @Marc Zak: In the market where I live (San Diego), appreciation has been strong and many predict it will continue to appreciate in the long term.However, with current interest rates (6% at best) and property tax (2%), the annual cost burden is 8%.Am I correct in saying that appreciation has to be above 8% annually (plus whatever my maintenance and vacancy costs are) for me to make any money in this scenario if the property is cash flow neutral?

The high appreciation market will be the higher cash flow market over the hold.  

Savvy investors can find pockets of opportunity within the market.

We manage several hundred rental properties throughout the San Diego market and I found your post very interesting. 

And yes you can move the market with just $1M.

Analyze Rental Comps & Market Trends•Look at recent rental comps in the community—not just those from a year ago, but the most recent listings with similar size, layout, and features.

The Memphis market is THAT big?

Purchase price: $77,000 Sale price: $85,000 Contributors: Peter Vekselman Partner Driven teamed up with Jamari Sprueil to secure this off-market deal in Decatur for $77,000.

It works...but any marketing works, it just depends.