Is 115K enough to both buy and rehab in Houston?

.~ Hedge funds are dying to buy this software, but he won't let them.Clothier claims that the creator of the software is (literally) a rocket scientist, but it doesn't take a rocket scientist to figure out there aren't "millions" of houses in the United States that are vacant without being distressed.  

I live in Sugar Land, Texas - a suburb of Houston.

Anybody know of major pitfalls to watch out for specific to the Houston area?

I think I have more questions now than when I first became interested.This is directed towards Houston REI's.1.

I hail from Houston, Tx where I was born and raised.

In the Houston area, we're looking at an in-migration of 3 million people in the coming years which, plus continuing strength in oil and gas, could be something of an insulator from the downward pressures everyone has mentioned in this thread.

I have a house in Houston under contract, built in 1995, in a nice area of town that I am selling for $101K, the estimated ARV is $115K, rents are $1,300.

I enjoy my job very much and I am not interested in property management.Can anybody recommend a good management company in the Houston area for single family homes?

Hello, I am looking to develop a relationship with a commercial broker in the Houston area.