Otherwise, it’s like buying a retail business and having to work it yourself to make a profit – that’s called buying yourself a job, not a business.Appreciation has historically been sluggish in DFW, the most recent uptick is somewhat of an anomaly and may be at a relative high point, or lower relative affordability at the moment, which typically translates into pressure on prices.

What is driving the economy there, etc? 

It's a depressed economy and you're not going to be able to get great rents. 

"She doesn't boom but she doesn't but either"The only issue I see with your strategy is scalability. 20-40 units often get crushed with expenses because of the lack of economies of scale. 100+ units are actually easier to manage :)Happy hunting!

In inventory-constrained areas pre-construction SFHs can be a great way to get new construction at decent prices (the builders have real economies of scale so they can build cheaper than you and me).

And while those things (population growth etc) seem favorable right now, you are exposed to the local and national economy and local market as a whole to be successful.

It may be a little late in your case, but since the economy is tightening, others reading this might benefit by not have their money missing when they really need it.

The question is how is the profile of the state in regards to landlords, growth for the economy, supply of land, and is this house attractive enough on the exit to garner an aggressive bid if you were to sell in the next up market cycle in 7, 12, 15, 21 or whatever years?

I think your idea of a very large down payment is a good idea given the current economy.

Declining local economies invariably hurt home values.