It is also better than what I would have received for a comparable lot in other locations. 

It also depends how nice it is compared to the other options out there.

Those are tiny, tiny obstacles compared to where this process succeeds or fails, and that is with the contracting. 

Cost of Living and Affordability: Texas has been known for its affordability—how does it compare to other emerging states like Tennessee, Florida, or North Carolina?

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

I see a lot of LL compare their old unit that hasn't been remodeled in 15 years and has delayed maintenance to some newer units.... they create a vacancy but jumping to what they see as market and that vacancy and remodel costs them tons of $$ that takes YEARS to catch up on with that jump to market.

You need comparable sales BEFORE you spend $175 or the appraisal will come low to your expectations.

If you sold it, what would you do with the money and how does the return compare to what you get now (factoring in the amount of work/stress with each option)?

They provide flexibility and efficiency, especially for experienced investors.How have you found the terms and structure compared to traditional options?

If you come to me and say you super handy ready to take on a major renovation my answer will be different compared to if you come to me saying you need turnkey and 30 minute commute to NYC.