There are really great REI opportunities in different markets - markets in the Midwest and Southeast of the country are particularly lucrative - where not only are the purchase prices reasonable for most RE investors, but the homes are turnkey (new builds or completely rehabbed homes, tenant ready, systems 10 years of life remaining on them, property management teams in place) with appreciating home value AND appreciating rent.

Those holding cost will certainly add up over time and kill any cash flow.

If convenience to local Houston attractions is the primary reason why someone would stay there consider highlighting that in your photos.

And, know this: the #1 reason why landlords fail is their failure to manage to the lease. 

I would also send the insurance company this same letter and tell them they are going to be responsible for the cleaning and repair cost.

The management company has replied that they don't coordinate with neighbors and just want me to cover the cost of all the repairs. 

Borrowing $200K at 4-5% will cost you $8000 - $10,000 of interest each year. 

These methods include: Detailed Engineering Cost ApproachDetailed Engineering Cost Estimate ApproachSurvey or Letter ApproachResidual Estimation ApproachSampling or Modeling ApproachExperience or “Rule of Thumb” ApproachIt’s important to understand the differences between the approaches including which one best fits your property and the reliability of each approach.DETAILED ENGINEERING COST APPROACHThis approach compiles the costs from construction and accounting reports to build a report.

.: Cost of risk scenario. 

Part of the reason coastal values haven't quite scaled to heights of neighboring states is the remoteness and lack of winter sports and high end amenities and entertainment, but that doesn't mean trophy estates, ranches and homes don't exist.