If so, what areas should I be looking at (want low crime, low vacancy, moderate to high appreciation potential, within 45 mins of Dallas and DFW)? 

Because this is your first post, it will not appear until a moderator verifies it.

Last year she quit the second home business (one that was moderately successful but not sellable because she was most of the business (she had one half time employee)). 

A lot of people from BP have shown up in the past, and that is usually from a recommendation from Ned Carey, on of the moderators on BP.Mark

Other than moderate property appreciation there won't be significant difference.

I did find out this morning that it is in Flood Zone X which is a moderate to low risk.  

In short, you can get a refinance for the lesser of: (a) 70-75% of the new appraised value, and (b) the original purchase price plus all of your closing costs and prepaids/escrow setup for the new loan.This works pretty well for light to moderate rehabs, but will not get 100% of your cash back (perhaps up to 85% depending on ARV and amount of rehab).

I live in Boston where there is a huge demand for moderately priced apartments. 

things haven't been 50/50 since the 50smen are required to bend their backs over for women. you sound like a much much older man and you should be thankful. just to get a date with an average looking female in 2017, you better be at least 6'3, ripped, look like a calvin klein male model, and have a net worth of at least $1 billion. dont even get me started on whatcha need to do to get a moderately attractive one. seems like ordinary men in the younger generation have to bend their backs 180 degrees, climb mount everest, and win an olympic triathalon just for the PRIVILEGE of MAYBE being able to say HELLO to the woman's GRANDMA Lol..

If property prices fall even a moderate amount, say 10-15%, both investors and owner occupants (currently waiting on the side lines) will likely scoop things up and like you said "Stabilize" the market.