This year I haven’t seen a single opportunity like that - the closest thing I had was a manufactured cabin that fell out of contract on closing day due to title problems.

@Myeasha Jones the closest 'reasonable' rent will be Mountain View, still a good area and nearby.

I'm in the city of Corinth (Denton was the closest I could get with the drop down for the post), but I know nearby Highland Village has the same rule with additional restrictions on build materials. 

Most other cities that I have studied have some of the best most expensive real estate closest to downtown.

My closest two properties are about 2 miles apart both financed with owner occ regular fanny/freddy 30yr fixed rated loans.  

I like the idea of investing in Lake Travis because it's the closest vacation rental location to Austin, but I am uncomfortable buying log cabins too close to the lake because I want a conventional LTR solution as well, so a house on the border of Cedar Park made sense to me.

What Im uncertain about:What is the community like in that specific area (closest to the uni)Is it a suitable place to invest?

Closest to downtown, Tampa Heights and North Hyde Park are the neighborhoods with commercial $$$ being dumped in, and Riverside and Seminole Heights being gentrified as well.

The closest competitor rents them out for 600 a month and they have a huge waiting list.

However, it's one of the closest suburbs to Austin, and the prices have been going up steadily.