USAA is also one of the largest employer in the city. 

Ideally I would like to do some serious value add investing, but given my current financial situation having just graduated with a master's degree, I'm looking for something I don't have to put a lot of money into right after buying it.The two main issues I'm running into are: (1) I've been self-employed/an independent contractor for several years and was going to school for the past two years, so my last two tax returns don't look good, despite having reasonable income now.  

They check credit, criminal, eviction, employment, and residential history.

I thought to myself yesterday, driving around town: is this development signal or noise for the city's future prospects (employment growth, population growth, etc.)?

Not only can you get more, but if you are self-employed, it is nice to have the flexibility of being able to downsize, if your business takes a downturn. 

There has been no layoff ever from these big employers.

I am currently self employed.

The largest employer is the state government and the second largest is the Federal government. 

Hard to lose with todays prices and interest rates.What is your current full time employment?

That is not possible for the self-employed RE investors.