You could purchase a property and then a few months later owe another $15,000 or more in back taxes.When I ran the numbers on the property I noticed the taxes were extremely low but I ran it with updated numbers based on the purchase price knowing that eventually there would be a re-evaluation and the taxes would go up. 

Personally, I would try and update the house to get the highest rents that you could possibly get.

If your lease has changed since this tenant moved in always a great way to update the lease as well.It gets tricky if the home need repair. 

Very interested in where this goes, please keep us updated!

So we decided to update this house and do a BRRRR on it.

Will you call me every month with an update on my portfolio?

The market has since sky rocketed in our local area, with comps in the area for a 3/2, ~1800 sf being between $340-375k with barely any updates/upgrades.

From there, you need to go to as many fixer upper homes as possible and walk them with your note pad, noting each item that needs repairs/updates.

Good clean or updated rental properties are in high demand in The Woodlands... you will do well.

Updated all the bathrooms and flooring, Relocated and sold the property (should have kept renting it).