Is it up on stilts but in a flood zone, is the area prone to flooding? 

Acquired 1-bedroom rental property, generating 30%+ cash-on-cash return.

This is a great place to learn and to connect with people so take advantage of all the great resources.

All your first set of questions can be answered by looking online or calling several local competitors.Your accounting questions though, show such a lack of basic knowledge that you probably shouldn't be doing this until you have more experience.

Is this deal worth it?

I think this area of DFW is as good as any place in the country. 

Are there more buyers than houses available in the neighborhoods you're considering?

Sounds like this is going to be a great cash flowing asset.

I would look into whether you really need a multi-member LLC at this point. 

I hear on podcasts about getting a title company on your team… what benefit does this give you?