It is not gambling per se, there are real wells with real chances of finding oil, but it is not another class B multifamily value play for sure.   

You are looking at a extreamly high risk gamble regardless of your past experience.

I have chosen the Durham market (primarily for 2 reasons, I am tad bit familiar and also would like to own it as either a secondary home/rental property).The question that I have is, property taxes in Durham county are pretty high, roughly 1.3%, but I have been told by a property manager that the assessed value always comes up lower than the actual fair market price or the sale price (on a new home), and it's more in the tune of 1%.

Some people hedge their bets, and go 50/50 fixed/variable (or some other ratio according to their best gambling/research beliefs, but then focus on paying one down quicker than the other once rates actually change). 

Things will work out fine as long as you're consistent with whatever strategy you've chosen.

Vegas, even though very hot in the summer, does not have a big drop in the summer because people come for the shows, glitz, gambling. 

If you do that though you can't actually take out any of the cashflow...because the problem with CapEx is that it doesn't actually cost just 8% of your rent. when it come it comes big and heavy, so you'll need to be able to build up to having that reserve account...some people like to gamble and will take it out...I personally don't recommend taking cashflows from your real estate until you're much further along with much larger reserves.

A writ of execution has been handed down, and they have chosen to sell this non-exempt property. 

I always recommend that out of state investors make a trip to their chosen market to meet the people they're considering working with, prior to any buying any properties.

I saw another in Allston list at $2.3M and in JP at $1.8M.The rents you would have to get in these places would probably be enough to pay for a mortgage on a 4,000 sq ft home on the south shore - and you could probably get an ocean view too.The only thing that would make me invest in Boston at this point would be a GAMBLE (horrible idea) on Amazon HQ2 locating here.