I'd love if the property would cash-flow after we move out, but the neighborhood and appreciation potential is the biggest concern for me.

Biggest thing is always going to be managing your cash flow.

Sherman is about 30 minutes north of there and many of the biggest nationwide and local residential developers have bought land and working on master planned communities.   

It is difficult to property vet these operators without learning on the experience of others - that is one of the biggest benefits of finding a Community!

I know Andrew Freed runs one of the biggest ones in Worcestor that draws investors from all over New England (https://www.biggerpockets.com/users/andrewf367#0).

That's my biggest pet peeve. 

Biggest expense I think would be furnaces. 

I would say the biggest challenge was completing a whole house rehab and the paperwork for the 203K loan.

(probably the biggest key).

I put my criteria clearly in the listing: 3x income over rent, 85% on-time payment history on credit report, and good references from past landlord.The biggest mistake you can make is taking the word of a current landlord.