But…as soon as you pay cash, now you have to compare it to a GUARANTEED 5% bank return on your money.

You have less control with a property like this when compared to other asset classes.The upside here is that it seems there is room for negotiation because of the below-market rent tenants.If you're looking to put down $200-250K, I would recommend looking into a multifamily property, especially one with additional income potential. 

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

Ask anyone who ever tried to sell a cash flowing biz, it's not that easy (compared to selling a house)The best play IMO is to run a business and feed the profits into real estate.There are a million ideas, but you can start here: https://www.biggerpockets.com/biggerpockets-business-podcast Thanks for the suggestion Marcus. 

The city's appreciation, vacancy rate, cap rates are truly unparalleled when compared to the other markets you’ve mentioned.

However, it's important to keep in mind that shorter seasoning periods often come with different terms compared to a a cash out refi with 6 months + of seasoning.

How does your property compare to local competition?

Dealing with commercial financing is such a PIA compared to a single family home. 

Also, price-wise, a 4 or 4+ unit property in Killeen appears to be less expensive than a comparable one in DFW.

I hope the comparative market analysis I just sent over view email helps.