inherited" tenants like yours are probably waiting to hear from you, so send out contact emergency info and have them respond and include with next rent payment a updated contact sheet,, I'd make an appointment to tour inside of each unit with condition sheet,, the condition from your date of ownership is now what you use for condition move out.. so once that's completed you now know which unit would be tops on your list to rehab and offer an early out to.. if that's a consideration.. you can of course let all tenants know the rent will increase to $$$ when their lease is up and you are accepting 30 or 60 day vacate notices early, they'll be prepared. 

It has been many years but tax is not increasing much. 

BTW, servicers have always been required to verify loan conditions including ownership, but the above link to the Servicing Guide Bulletin was just published on August 16, 2017 (two weeks ago) so don't bellyache if your loan is called;) 

Make friends increase your circle of influence - Hire a private detective - they are good at finding people (give his a piece of the profits)Check the death notices or search government record for certificates of death, check the obituary for next of kin - contact them. 

Age and condition?

So, to answer your question, whether to paint or refinish or put a layer of some other flooring (e.g. laminate or plank vinyl) on top depends on the style of the house, the condition of the wood floor, and the type of wood.  

That being said, the purchase price is below $100 per square foot and I am betting the steady flow of increasing population to come to the Houston area as it has for the past several years.

A 3-5% increase in that price range is around $25-$50 a month give or take.  

There are two to three markets I am interested in that I have some small relationships within that I could utilize, my hometown, my wife's hometown or a place I visit often for work.My questions concern the opportunity cost of learning the ins and outs of 3 different markets when the requirements of truly knowing the market increase the chances of success.Do I select one based on distance, the potential to cash flow or appreciate, or one that I may have more connections in?

I want the tenants to move out solely because the place needs a major renovation and subsequent rental price increase.