I was under contract on on a property and the increased asssessed value based upon the same tax rate (an assumption but also an unknown at present) would have taken annual projected cash flow from $2000 to somewhere around breakeven. 

But as of now intend on staying in the Austin area for a long time.That unknown factor is the only thing that makes the long term play kind of murky.I know Austin is a big appreciation market, but in a hypothetical where lets say I move after 5 years instead of 15 or 20, I wonder whether appreciation alone would be enough to cover all my selling costs and etc.

I can't seem to find any and I get worried about that, especially when buying an unknown at a high price.

-This isn't an easy rehab; this isn't a rehab that any beginner should do; you should have at least 20 or more rehabs done before taking on a job like this; you can get your numbers to work on paper but the little mistakes and unknown problems are going lose any profit. 

Also, I don't have a super solid team set up in that location yet, which makes me somewhat nervous to jump into this level of unknown. 

I have been reading a lot of different materials And listening to podcasts like the bigger pockets and super agents which I’ve found to be very insightful but I’m pretty much stuck in between action and research more than likely due to the fear of the unknown i guess you could say.

I have a minimum of 5k in savings for each house I buy for the unknowns. 

Both are big risks and present unknowns that I think makes this deal not worth pursuing. 

, but now you stack on top of that all the unknowns from the recession we just entered...

Somebody wanting to sue for you backing out of a bad deal or accusing you of selling them a property with defects like unknown termite damage).