REI has the finest presentation in the industry in that regard I know when Chris walked me through a few years back I was VERY impressed and I have been around that industry since 2002.. 

I would not eliminate OKÇ based on tornadoes, that is why you carry insurance.It will very difficult to find something in Austin that fits your budget.  

There is no one size fits all answer for this question, market to market, and property to property are all different. 

A unit within walking distance of the Blue Line in Wicker Park might rent for $2,200/month compared to $1,700 further away.10.

No one can helpfully answer the questions you pose without more specific information.Have you walked through the property?

If local options aren't a fit, expand your search to other markets with strong rental demand.

Instead of a pile of books or printouts at least you'll probably walk away with some money when the deal's over.  

Seller will owner finance the portion she can.To those who have been walking down this path, how are you funding these projects?

What does your fitness pattern look like? 

You could get into a solid multi-unit or a single-family rental with real cash flow instead of hoping your Katy rental eventually fills.Not saying you should walk just yet, but if leasing drags out longer than expected, would you consider selling and reinvesting somewhere with better returns?