The operating cost on each building is almost identical, so I will just use 1 building as an example. 

However, you still run the risk of getting so busy with your regular job that you lose sight of the rental and things slip through the cracks or you don't have time to deal with late rent or you forget to do an inspection...A property manger costs about 10% which is $2,400 yearly on a $2,000 rental.

If all of the units are dated, assume a healthy number for regular repairs, and assume at least 1 major and 1 minor appliance to be replaced yearly for the whole building. 

Oh, and no regular bank or broker will lend to you on a commission income without two years of paystubs, so I’d highly recommend waiting to quit whatever regular job you have until you’ve purchased, or pushing your purchasing plans several years down the road.  

I have a identical fireplace lay out in my home, wall to wall, raised hearth  (much nicer brick) and have not used it in 25 years.

He does webinars fairly regularly for new investors that are very informative. 

They are next to each other and are identical, each have (2) 2-bedroom apts and (2) 1-bedroom apts.

As for the rest, there are major differences between Net Operating Income and Net Annual Income (or annual Cash Flow – which I consider the real measure of an investment performance, how much money puts in my pocket on a regular basis) and Cash on Cash Return on Investment.Net Operating Income is calculated before debt.Net Operating Income = Gross_Annual_Rent – (Vacancy + Operating_Expenses)Where Operating Expenses = Taxes + Insurance + Monthly HOA x 12 + Monthly Management Fee x 12 + Repairs and Incidentals (Warranty, Utilities if any paid by owner and/or during vacancy, CapEx reserves, etc., don’t forget the CPA and Lawyer costs) Again Net Operating Income is calculated before debt - what matters more is the NET Annual Income (or annual cash flow): NET Annual Income = Net_Operating_Income - Mortgage_PaymentsAnd that leads to the Cash on Cash Return on Investment: C/C ROI = Annual Cash Flow / (Down Payment + Closing Costs)And I’m willing to bet you don’t get C/C ROI above 10% on any SFR in Austin area (based on these calculations and bought with conventional means, not subject-to or assumptions, or owner financing or other creative financing).

You are asking a regular Jack and Jill on the street to suddenly be good with becoming a bank.

That is a difficult thing to achieve and if you want to wait until you have that type of market knowledge you might end up not investing out of state.My two cents would be the following: make it a point to schedule regular visits to your target market.