Is the rent high enough to justify someone else investing in it?

Active Income - Passive income, from rental real estate, is not subject to high effective tax rates.

Houston in particular be vary wary of flood zones and any potential historical water damage from the frequent flooding / hurricanes of just a few years ago. 

I would highly recommend being as up front with any lender you work with and to find a broker/lender/lawyer team that is all on the same page from the beginning and are familiar with these types of transactions.

I know Section 8 isn't the most attractive start with investors, but I've grown to believe it can be very successful if done correctly and with the high program rents and long waitlist in NC and surround states it has drawn me to it.

.- highly appreciated!

Currently in the process of replacing stuff (water heaters etc), because they are old.

Each municipality has different licensing and permitting requirements and "permitted work" can mean a wide spectrum of scopes from replacing a hot water heater to building an addition,  so it's difficult to group all improvements together in the same category. 

Along with a vibrant art scene, restaurants & easy walking it attracts year-round visitors seeking fly fishing, white water rafting, kayaking, skiing & snowboarding that is off the beaten path..

You’ll be under just as much pressure to buy something/anything to claim the bonus depreciation.