That gives you broad discretion to not like the property. 

Please define "The Allied portal is pretty rough

Congrats on making the next step and move, just make sure to have what YOUR end goal is and make sure that it is clearly defined and communicated with others.

The last thing you want to do is be stuck with an expensive hard money loan that you can’t refinance out of.Use online resources or your agent to nicely rehabbed nearby comps, define the scope of work it would take to improve your property to those standards, and then estimate the cost.

Once you define your goals, asset class of focus, etc. - you can narrow your question and receive more direct answers.

It’s the journey that defines you (not the Ls or Ws)

Sure, it will eliminate a few over extended folks, but it won't have cataclysmic affect.I think broad statements like a crash is coming are way too subjective. 

Then define your deal criteria. 

I keep telling new investors, you need first define your goal.Without a target, you cannot aim for it.

@Jordan Moorhead makes a good point on why people move to Austin, that is a broad level attraction and I do not see it diminishing significantly at all.