Isn't that kind of expensive ? 

You will be able to claim the expenses (i.e. depreciation, property tax, utilities, etc.) still every year but the rental loss will be limited if you are not a "real estate professional"

But if one wants to get other rental market data (day to rent, average rental vacany) what is a good source? 

I don't know how the average person could afford this. 

While evaluating potential investment properties these past few weeks, I have realized that the average rent in Austin is comparatively lower and due to high interest rates and property tax, the outcome is mostly negative cash flow. 

That's why the average HOAs are creeping up to $500/month or more. 

You get someone else to pay all or part of your housing expense for the immediate future. 

What's your average fixup costs after purchase?

But of course, living in Pueblo would present issues commuting to work and also, from what I've seen and read about, possesses less potential for growth, has higher crime, and will demand lower rents.I'd love to get a MFH  but they're prohibitively expensive in CS and I don't want to get over-leveraged for one, assuming I could even qualify. 

.- hardscape is expensive.