My first impression is that your numbers in the current economic climate seem a little rosy.I also have friends that are builders and I try to stay in touch with them on costs as we mostly do "to the studs" renovations when we buy a place. 

Buying a MLS listing is probably a no go ,if you find a private sell or a similar way that would be the best way to purchase a property in todays climate.

These companies selling products tend to drain agents dry at these conventions selling every do dad that is supposed to give them an edge over everybody else.

I hope you or someone is at least keeping an eye on your properties for break ins, squatters, roof leaks, temperature control, frozen pipes (if in cold climate), if you have a basement and sump pump goes out leading to water damage etc.I just talked to two investors in California that have let their properties sit vacant (no mortgages so paying property taxes and insurance).

I will be moving to Austin myself in two years, since Austin market is quite dried up, thinking of investing in SA as OOS.

Is this market dynamic and climate now still beneficial for long term buy and hold investing? 

Its not usually cut and dry so more of the story would help.

While that's certainly not ideal, my leverage was low to start with and my loan maturities were ten years so I have staying power to sell into a better market.Looking ahead, anything I'd buy would have to cash flow out of the gate in a higher-rate climate. 

I'm living off of cash reserves and burning through it - there is a well dry date looming on the horizon.

Helps with your debt to income, better opportunities at cash flow, and typically requires less down to purchase.In regards to challenges, I usually build in an extra 10-15% to deal with things that I can't see behind the walls, including dry rot, electrical or plumbing issues, etc.