Be careful not to get lured in by cheap, low end properties in undesirable areas however.

I would like to see them put in more places like Nickerson Gardens Calif.Not drop them out in the Boonies, but in Peripheral areas away from the path of progress and away from the suburbs, and get the crime out of the cities.

This doesn't include running peripheral lines from the water meter to the home (extra cost). 

Maximize tenant rent by adopting dynamic pricing; reduce tenant turnover by upgrading, immediate respond to requests, retraining personnel to be tenant responsive and tenant friendly; eliminate undesirable tenants; upgrade property physically and cosmetically; convert from utilities paid to separately metered; evaluate prices paid for insurance, taxes, garbage, water, security, landscaping.  

If the market regresses substantially and if I was forced to reduce rents, I could still be making a tiny, undesirable cash over cash return.

The UPB is pretty low and even though I don't have a BPO or anything on the property I know it is in a fairly undesirable area. 

Most people peripheral to the business (mortgage brokers, financial advisors, magistrates) tend to tell me I really look exactly like a slumlord.

I agree that you should target neighboring towns (secondary and tertiary markets) on the peripheral of Austin.

A room would probably make it more undesirable for the tenant.

I have my eye on a cash flowing rental property. The problem is that this beautiful property is in a neighborhood with no HOA, which allows the immediate neighbor to have boarded up windows, trash all over their front...