I plan on purchasing mf in the downtowns of the cities surrounding Houston, mainly those with a more “Americana” type of feel( white picket fences, 4th of July block parties, neighbors worship together, founding families are still around and they let you know it, high walkability score, families are out on the street with neighbors, doors are unlocked.....)It is tough to comp certain property because they might be the only type (or one of the only two) AND some of these towns do not allow any more MF to go up, so the MF owners set the market.

In regards to the comments about profiting from the HOA's, The HOA's are Not-for-profit entities, If you owned the property management company that won the owners Board voted contract to manage the property, that's an option to make some additional money but you can't make money off of the HOA directly.I would also suggest paying attention to your competition in the area, apartment buildings, What amenities are being offered versus what you'll be able to offer with your unit, what are they charging versus your all in cost to operate your property, etc. lastly pay close attention to the interiors of the condos and apartments in your market since you'll have to offer similar or a better interior depending on the other amenities with your property.

There is a 2/1 apartment that came up for sale recently priced at 118k.

@Ann Binstock Check out an article I wrote on BiggerPockets to evaluate a multifamily or apartment: https://www.biggerpockets.com/blogs/8814/73755-18-essential-metrics-to-a-complete-real-estate-investment-analysisThere are software that can calculate IRR and NPV. 

It's a 24 unit apartment complex in Pocatello, Idaho.

Rent Hacking - Better than house hacking in Houston area?

The apartment goes for $450, and the bedrooms from $320,000-400,000Any opinions?

Hi @Bryan Tasumi,I guess that by rent hacking you mean leasing a house/apartment and sublease the rooms.

Aaron:It is important to distinguish between small multi-family housing and apartment multi-family housing. 

I am trying to buy an investment property to house hack in the Houston area but I'm not sure if I should know what tenant I can attract in different neighborhoods first before deciding what area to purchase in...