Personally, I think most of these funds are run by greedy, opportunistic individuals who capitalized on their own fame, a temporary dummy-proof market, and intoxication with their own "abilities" to vacuum up a bunch of largely unsuspecting dupes, accredited or not into funds that were always risky in that they needed everything to go exactly right (largely, the same way they had been going for the previous 10+ year, a historical anomaly) in order to make it work.

You are looking for issues with the foundation and any other exterior anomalies like giant trees that could be in the sewer line or pressing against the foundation of the house, evidence of buried tanks, where the septic and leach field is, etc.There are plenty more things to focus on as well, but these four are often neglected by newer out-of-state investors relying on an agent or friend as their boots.What else did I miss?

Tech money is making Austin an interesting anomaly type of city in Texas. 

I'm probably an  anomaly here, but here's my general system: Tenants pay all utilities. 

Per square foot can only be used for a gut rehab in the same neighborhood with no structural or other environmental anomalies...so almost never.

An anomaly happens in your personal life that consumes more money than normal.

It doesn't matter if it has a cemetery in the back, it's across from a highway, or some other anomaly, there is always a price and if it's not even getting looks, it's usually not close OR the photos are terrible iPhone photos and the listing reads terribly.

I'm trying to figure out which of these is the anomaly.

Honestly, while I haven't been doing this for decades like many folks here, I believe this is likely how real estate investing has always been.The last ~15 or so years were an anomaly and we may never see easy money like that again.

Guess you can say its an anomaly but good deals are out there!