There is a growing trend of apartment owners investing in submetering systems for water as these have gotten more affordable.

Focus on neighborhoods near employers or schools, and explore slightly outside Austin for more affordable options. 

God forbid something happens and I either can't get rid of a tenant or can't find one, I would barely even be able to afford the mortgage

Even the best property management companies (PMC) struggle with:- Finding reliable handyman and contractors (ServiceTechs)- Same with affordable ones- Tracking preventive maintenance- Tracking previous work for potential reoccurrence warranty coverage- Understanding tenant reported problems, so the correct ServiceTech can be dispatched- Determining if tenant is at fault for an issue & should be charged - and will proof stand up in court?

Once the time is right, with enough research, I would jump into a market (hopefully local if affordable) and get started.

I also plan on starting to have my realtor send me MLS properties that popup in the Indianapolis area and start looking through numbers and pricing to see what I can afford and be beneficial.

High-end properties might require a white-glove approach with customized services, while more modest properties may prioritize affordability and efficient communication.

Or try the reverse - rehab a property to Class A standards in a Class D neighborhood and try to get a Class A or B tenant to rent it.Unfortunately, many newbie real estate investors are jumping into buying affordable Class C rentals - expecting Class A results.

Their team gets us quotes so quickly, and they are usually more affordable than what we are seeing from other agents.

@Thomas Farrell The BRRRR strategy can be effective with $400K in capital, especially in a market like Augusta, GA, offering affordability and rental demand.