Reality - I printed and stuffed and sealed envelopes for his direct mailing campaigns and some of the addresses were in Canada, and my younger brothers were my "team".

The rent was running around $3 per square foot last time I checked, so the income makes sense versus the purchase price.

Texas isn't a low tax state but a state without a personal income tax.Our last house in Texas was in the Hill country and here's 2007's numbers against our Colorado house for 2017.Texas:2200 sq foot, sold in early 2008 for $230,000Property tax: $6,000Homeowner's insurance: $1600 (3% deductible)Electric bill: $290.00 month.Car insurance: $1500/yearColorado house, bought November 2007$308,000, 2800 sq footHomeowner's insurance: $950 with $1,000 deductibleCar insurance: $1,100/ yearProperty tax: $1,500/ yearElectric bill: I'd have to look for the breakdown but our city utility bill averages $90.00/month and includes, electric, water, sewer, trash and recycling, streetlights and mosquito abatement.There are two bills that are higher.

The price may be larger per square foot but if its already making money it will eventually pay off, even with some appreciation. 

New guy trying to get his foot in the door with learning about real estate, wondering if there are any local REIA's I can check out, I've done a few google searches but haven't found anything updated in a couple years.  

A second story exterior door led to... nothing but a 15 foot drop to the ground! 

You need footings and deck inspections too, if you redo or build these things.  

The plan is to expand the footprint of the property into a 1,500 SQF 3BR/2BA house.

Nice claw foot tub, but not appropriate for a shower, you will have all kinds of problems with that, replace it with todays tub. siding - power wash and paint. kitchen, paint cabinets, replace counter top, sink looks fine. cistern, get rid of, you do not need the liability and if it still gets water , think of the mosquito it will attract if the water just sits there.

I wouldn't touch those properties with a 100 foot pole though.