I'm not trying to time the market. ..just interested in people's opinions for me it was based on my experince I started in RE in 1975 and the 10 year cycle seemed to hold true right up to the GFC at least on the left coast..

Based on an earlier post it looks like that is not legal in MA correct?

Based on what you shared you are not financially qualified to own real estate.

Also looking to build a solid Long Island based team (Agent, contractor, lender).

I would not eliminate OKÇ based on tornadoes, that is why you carry insurance.It will very difficult to find something in Austin that fits your budget.  

I'm based in WI and there are several people from NY investing here, some successful and some not---the common thread I see from the ones that are not is that they relied on someone else for information instead of investigating, VERIFYING and doing their own due diligence. 

It looks like you are doing an affordable build based on the cost but hard to say since you didnt provide info on the build itself such as square footage and finishes.

@Eric L ConryI would base it on your cash flow NEEDS, not wants.

You just have to deal with lead base paint inspections and random rental inspections now though.

The modeling of this is actually pretty easy (see link: 42-unit proforma sample), but my model treats the pre-refi loan as I/O, but that can be updated based on your deal.