It's growing with cranes everywhere for new development. 

Just easy to identify you if they’re janky.

I haven't found a property that I like to invest yet, but I want to identify the lenders, get pre-approved and get all the paperwork done and out of the way.

Peeps still have to live somewhere and there is still some benefit to owning a home than renting .. it could just be over building in your area as well.. you see that a lot with condo developments the lag time to get them up is so long that by the time they come to market the market cant absorb more.Not sure in Austin other than there was from what I understand a large run up.. but I can see luxury pricing in Texas being an issue with the prop tax's that are quite a bit higher than other parts of the country but that is usually mitigated for texas residence who don't pay state income tax as there is none in Texas.. so I think texas for TExans is a great investment long term. 

Hard to really get into this without any specific details related to the financials regarding each house, but I’d start here...If you need some liquidity, I’d run the cap rates on all my rentals and identify the bottom 3 producing rentals.

High cash flow  ( I E identified as cash flow with 20% down )  as we know everything cash flows if you pay cash.and high appreciation rarely go together.. and % appreciation  you have to be careful with.. some folks can say hey my market appreciated 50% last year or last 5 years but the house went from 20k to 30k.. that's 50%  or you can buy in SF for 1 million and those appreciated 50% and went from 1 mil to the current 1.6 mil median SF home price.. trying to find this unicorn will cause some paralysis on your end if you get to literal about it.if your going out of state  AS @Brian Ploszay stated the people working for you in the market place are NUMBER 1 concern.. stats don't matter if you PM is not working right or your units get trashed  or what have you.

and empty land for further development 

Rent-O-Meter has the rent at $934 for that area.My strategy is to develop relationships with loan officers that have relationships with people that can afford a home but can't qualify through traditional means.

Do people ever just want to strictly investment SFR New Constitution I was a Managing Broker who acquired  Land and smaller parcels that could be developed into small 10 Home communities as well as tear downs for custom Home Builders as well as a National Builder whose smaller division handled tear downs and  or high end Flips. 

We ultimately came up with a finance and investment strategy for the area to secure property and develop a track record.