My neighbor has numerous MF properties and he believes it will come in somewhere between 650 and 7. 

Just high risk, for a variety of reasons.

Since there is even less documentation to look at/review with this, pricing is a bit higher than your typical DSCR LTR/STR product, however, there are numerous ways you can structure the deal to make certain the #'s work for you.

There are numerous property tax protest companies in Texas.  

When I established my investor services business in 2005, I posed a similar question to numerous experienced property managers.

Underwriters want to see that the property is in an area that will support the valuation of the property with numerous comps so they can have confidence in the appraisal.

I like the idea of single family homes as rentals for a variety of reasons.

I've had to pull files numerous times from one lender to another and have credit repulled, but have never seen a different score come up (save if the new pull is 30+ days from the first). 

There are numerous ways it could go awry.

We have about 20 meetings per month on a variety of topics including flipping, investing 101, landlording, multi-family, advanced investors etc.Happy to get you a guest pass if you are interested and also be a resource as a Realtor if you need.