The problem with being vertically integrated is that it will slow you down.

Understand you will need to put 20-25% down on a multi-family. 

If you can take on another job or work more hours to build up some savings you can get a primary residence with little to no down payment if you can find the programs in your area. 

i cover pest control and lawn care on my stuff. keeps down on issues and i know the place looks good. for my student rentals i also build in a quarterly cleaning fee where my cleaning lady comes through and does a deep clean. extra eyes on stuff and parents happily pay it to ensure their kids have a solid spot. pass through cost for me and well worth it. 

You can only buy 5% down if you intend to purchase as a primary residence.

Pay a chunk down, make monthly payments at an interest rate that works for both of you, and pay it off as quickly as possible.

You will absolutely love it down here though!

With that said, I have no desire to constantly kick a person when they are down. 

If you are tearing down the plaster/drywall/paneling on the walls and exposing the studs and the plumbing is old (not copper for the supply pipes or PVC/ABS for the sewer pipes) I would update the piping.

I would say the Baylor bubble is going to be the downtown area ish that is on the east side of I-35 between the interstate and Valley Mills and from the river on the north down to say 17th street.