I find myself having to setup "routines" to capture video when the door unlocks as the motion detection just doesn't always catch it.

Take a look at the cities laws around getting a rental approved, some are more strict and costly than others.

I know plenty of investors that do just that  and enter  joint Partnerships  or who strictly do wholesaling  which is someone who finds then brings  off-market deals  to investors  and either reassigns the the house that's under contract to the investor for a fee or enters a partnership and turn it into a flip.

There are strict guidelines that have to be followed for owner occupied properties. 

I estimated roughly $400/mo in misc. expenses because it is a brand new building and I don't anticipate much in apartment maintenance that first year, so this is strictly general property maintenance. 

First, I will start by familiarizing yourself with STR Austin code and HOA regulations since, they may have strict regulations.

If I were to vote on Austin or Walnut strictly from an appreciation standpoint, I'd go with Austin all day long.

Once you get a renter in place and start operating, consider all your routine costs - property taxes, insurance, local licenses and fees, maintenance and gardening, utilities and city services (that the tenant doesn't cover), tax preparation, legal, landlord association dues.. and put extra aside for non routine repairs and capital expenses.  

You can get a replacement cost policy that is based strictly on a dollar amount value per Sq ft. 

In the near to intermediate future, my business will probably grow past the point of being able to operate strictly within the Hampton Roads market, and I can't afford to wait until that point to start piecing together a team in other markets - hence REIAs as a purely networking tool.