I don't mind that because I have a "start where you can and do what you can do" mentality (and as I have heard so many times even on these boards, "all it takes is one deal to turn everything around no matter how small your marketing").

Will this matter in 5 years?

I would not do this deal for the following reasons:-Austin has had a tremendous run and while I do not see a huge downturn, I do not see how the run can continue at this level-Huge number of rental units coming on line that will bring down occupancy levels and rents will follow-Your $160 per month HOA fee WILL jump once the complex is sold out. 

That’s the hurdle.I do have a long email into an online private money and Hardmoney lender telling them my exact situation, maybe I’ll hear back from them today or tomorrow. 

I suppose its always going to be hot down south no matter where you go but someone just has to pick a spot that is good for them.

From what I’ve seen online it looks like a c+ neighborhood.

I think immediately local businesses and those jobs don't matter.

I dont have any Real Estate experience but i can help with online marketing and advertising.

The neighborhood, property management team, and the house (condition, and quality of the rehab) will matter more than which of those two cities that you pick.

Jurisdiction matters immensely to answer your question.