Look for value add deals, always consider location location location, have multiple exit strategies in the event your initial plan doesn't work out, and make sure you have some cash reserves set aside to weather a storm.

A 3/1 rent comp is likely driven from nearby 3 Bed 1 Bath houses and will not rent for as much as one side of a duplex3) Your expense items feel conservative, and that is good.4) I'm not familiar with how taxes work in NY, but be sure you are forecasting taxes for after purchase.  

The pump wouldn’t prime underground which was just bad timing unrelated to the weather.

Anyone can be a fair weather agent, the difference comes out when stuff hits the fan..

For example, travel nurses getting contracted to hospitals at the beach, or people that work online (seemingly everyone now), or for the slow months for STR's in places that weather is a big factor (snow birds). 

By forecasting your income and expenses for the coming year, you can create a budget that reflects your business's needs and goals.💰 Set aside money for unexpected expenses.

You may want to start with my "2013 Housing Market Forecast" to get you started.

The dilemma for Austin is that on PAPER it is ripe to the Appreciation investor because of the anticipated job growth forecast and who can blame them.  

If so, you can weather any short-term challenges in the market. 

As Travis mentioned, I work for Your Castle and have plenty of trends booklets for residential, fix/flip, condo, mountain properties, school/rent ratings, economic forecast documents, etc....tons of stuff for investors to consider and blows the "myth" of any bubble, ceiling for our special Denver market.