I have allocated a budget of over $5,000 for furnishing the house, and my monthly payments (PITI) amount to $790.Given that I reside in Austin, TX, I am a bit worried about managing remotely.

The IRS has tiers of accepted cost allocation techniques for real estate - a total of 6 tiers! 

max the 401k, but change allocation to bond.

Be sure to look into how much depreciation you can allocate towards the building.

@Bette Hochberger is your question for annual property tax assessments or applying it to the land versus building allocation when it comes to listing it on your depreciation schedule for taxes? 

If one correctly allocates it will hit COC, ignore appropriate allocations and like magic COC looks better.

These decisions should look at whole picture of what will you doIt does not always need to be a “higher return” investment but also allocate to lower risk Hope this helps

My question is...how much should I allocate/factor in for Cap x and monthly maintenance on a new construction?

Notes cover the entire risk spectrum and can be appropriate depending on the amount allocated and terms.

@Ben MosierIt appears this cash is allocated as an opportunity fund for you.