. $2000 in rent with a total cost of $285k (235k+50k) is far below a 1% rent to purchase ratio.Of course you may also be a speculator in "hopes" of holding out for appreciation while carrying a negative cash flow, certainly a well known strategy, but "risky" in this market and you better have capital and reserves to carry the losses.If you are after your first deal, I suggest you look elsewhere for better.Keep it up.

Or are you speculating it was illegal?

They might even be speculating on appreciation (which for most is not a good idea).

If you're into speculating then Austin is fine.  

However, this is all speculation.

Because of this, GTA and GVA are out of question due to the 15% oversea buyer speculation tax. ( the tax ruins the leverage and return )- Have about 150K CAD for downpayment.

People are speculating saying it's a bubble but what if the prices never go down?

You could pay no more than about $15K for this house if you want it to be profitable.Buying for $60K and hoping to sell for $100K in five years is very speculative.

Appreciation is a bit of a speculation, I get that, but it seems more likely than not.

It's not an income property, so if you keep it, it's a speculation play.