Typically 15 year property can qualify for bonus depreciation.I use the word typically and usually a lot because I highly recommend you speak with your accountant to get specific information about your situation.

Long story short, they recommend a process that basically looks like...Soil scientist --> (septic engineer IF needed) --> site plan --> county approval...We've spoken to a few soil scientists and they all quote 2k-5k to analyze the property for an appropriately sized septic system. 

Sounds like that may be a bank specific product and a pretty sweet one at that.

I plan to add another to my portfolio later this year. 

Before you get any further, if you haven’t, I would highly recommend writing out your specific investment goals, your reason for investing, how active you want to be, if you want invest close to home etc.

One of the key lessons learned was the importance of thorough due diligence, particularly in understanding the local market and the specific needs of potential tenants.

Often they seem to sell in tougher neighborhoods because the initial numbers look the best there on paper.Generally I would look above Hwy 380 and maybe Sherman/Denison specifically, but there are other places too, depending on what your goals are. 

What are you specifically looking to do/learn? 

As I plan to keep this property as owner occupied now that I fixed it up.

@Bruce Woodruff- that's true, that's why I mentioned ARV (sales price) not specific rehab costs (which is what the poster was asking for originally).