I can't figure out what the economic forces are in the community driving the high rents and relatively low purchase prices.

If I were forced to pick, I would suggest focusing on Austin due to its tech-driven growth and lifestyle appeal.

Examples: Medical Professional Financing (stronger rates and limited down), low down payments of 3.5-10% on jumbo primary, second home or investment properties, 10% down for investment properties of 1-4 units (with no PMI) and portfolio or private loans with attractive ARM or seller carried rates we negotiated. 

The people maliciously destroyed the property.Maintenance costs are much higher due to the tenant knowing that any damage they do, the owner will be forced to repair due to the inspections.

I recognize my numbers did not include closing costs and as you pay down the equity, the LTV decreases (but you get the equity paydown), but this return is so high that even if it had a modest hit, it would still be a great return.https://www.neighborhoodscout.com/ca/san-diego/real-estateAdding in forced appreciation can create an infinite return via brrrr.  

Unfortunately we can't force a tenant to act however we can CYA! 

If you think it's going to drop if the fed cuts 5-7 times in the next year, it might make sense to look at an ARM with a 3 year declining PPP instead. 

Rent control forces prices up, not down on average.Rent control creates scarcity in housing.

I think the most important thing is taking action and limiting your risk as you start, knowing that part of starting is going to force you to learn some things you just can’t learn otherwise so try not to focus on hitting home runs right out of the gate. 

I have only been investing for ~5 years myself, but current market conditions force even the best of them to adapt or die!