If you are just starting out, you can get a higher return on your money in other sectors of RE.  

However, if you are focused on wealth building and going beyond FI, getting to the point of time freedom AND into leisure lifestyles/frivolous purchases, then you will need to focus more on growth.

Therefore, even on more profitable sectors like student housing....the returns aren't great or easy to come by.My only thought is that there must be a way to find cheaper deals!

And on top of this, we have private sector debt up to suicidal levels at some $55T - over 200% GDP. 

Overall, Capterra seems a decent place to start, but having my own variables to validate against is a bit easier in narrowing a crowded and (as I'm seeing already) pretty outdated and terribly designed software sector. 

@Kate J. my personal opinion is that with that kind of initial capital, you should find your residence here in Austin in an area close to work and/or leisure activities that you enjoy, and deploy the rest elsewhere.You can explore different markets, different niches, etc that can (and most likely will) provide much better returns  than Austin has to offer.

Founder of the company has already deployed the the technology in retail sector and most of the challenges you have mentioned can be overcome.

But at the same time I feel we have a "trophy" location with possibilities that depend on how well the tech sector does.

Historically speaking, the real estate sector has outperformed the stock market.

If you have experience in financing, investing in, or constructing assisted living facilities, how's the outlook and what are some arguments that it will be a strong sector in the coming years?