The gas and electric are on, but no water.

I think DSCR Loans are definitely in your future as you continue to grow your portfolio but probably not the best fit here:-Can strictly not use DSCR for any property you live in - would technically be possible if you moved out, leased up the unit you are currently in and provided good documentation that its legit - but this is a firm non-starter for DSCR (absolutely no occupying the property)-DSCR Rates at best are in the sixes on a cash-out refinance - so you would be doubling your interest rate at least on the current property - which could make sense but its a pretty high hurdle.

@Michael Hearn2 questions right back at you.1. you state you would "put [the proceeds from the sale] toward the new mortgage" - and i get the temptation to do that with what seems like a high interest rate. 

@Chris Colvard Thanks for these, I've been looking for high and low. 

It's a high-risk, high-reward strategy and is not for everyone, if I'm being honest.

Zoned to "sought after" Katy ISD and Seven Lakes High school (one of the top in the state & country, so I am told) in Cinco Ranch. 

I highly suspect as a duplex the numbers will not meet your requirements.  

Same wall has an exterior defect that allows water to intrude through stucco from below due to no weep screet and soaks the base wood frame.

@Steven Ong: The reading I've done recently says that Australia is at the high end of the cycle.

If using high LTV loan and legit underwriting, the purchase will have negative initial cash flow.