Its a great place for cash flow and depending on your investment strategy there is a very wide range of types of investments.I have been working on the investment side of real estate for several years now and know the city very well when it comes to buy and holds.I own a few myself and have and have wholesaled and worked with a ton of buy and hold investors.You need to be careful of what you are really buy in SA though as what you are experiencing in Austin is happening here as well but mainly on in low-end properties.

It's not paying your bills or providing your with gas money (your cash flow does that...more on that in a second)...so if you have a use for that equity, meaning you can leverage it to gain MORE investment properties, then who cares what the fees are?  

Fill out a "Personal Financial Statement" which lists all of your assets; liabilities; and cash flow.  

I would buy buy and hold rental properties and keep them for cash flow.

That way you keep your cash flow and you get to purchase something new.

-Great Rental Properties in Ohio (not the city of Cleveland) that are cash flow rich.

If you average $150 per month of cash flow per door, you'll need ~30 doors.

I would love to know how those of you who have invested in multi units in the twin cities have hit your Cash on Cash ROI & cash flow goals, given that the properties I've found on the MLS have multiple offers and seem to be flying off the market at or above asking price.  

I currently own a home in upstate NY that is a two family, which I rent out both places with a positive cash flow of roughly $500 monthly.

However prices have appreciated so much and inventory way down, cash flow from current investments is going to be tight for current investors.