The property is in worse shape than I predicted but there is a lot of value add opportunities available. 2 of the 4 homes seem to be liveable but the other 2 will most likely have to be demolished.

If this is your first investment, LTRs are much more predictable and passive, might be a better place to start. 

Replacing the roof will be the most predictable since it's a pretty standard operation.

You are still facing competitors bidding the same property--to me that means we probably have to watch the economy move down some more before we are in a full on buyers market.Some experts were predicting a recession/depression to hit in January 2021, but it seems the governmental stimulus has moved it into a sort of slow burn (massive layoffs, higher taxes removing discretionary spending money from peoples pockets, etc...), with the San Francisco Bay area taking some hard hits.People are not yet feeling the true "Hard Times" that comes along with the bad times, such as 07 or the early 90's  with foreclosures (and Ramen Noddles) being the word of the day for most of the USA.Then good deals will abound.Just my 2 Cents.

Investing is when you can count on a predictable cash flow to drive your returns and value.

If the overall size of the market shrinks (my prediction), and you already own houses, you are going to have a lot less competition for rentals overall, which will only raise your rents or at least hold them steady.Fundamentals don't really change.

Unless you predict that the area you will be buying in is going to have significant growth.

Using an average, you could reasonably try to predict how long yours would take and what your holding costs would be.

Sometimes these closings can drag in, while the delinquent taxes keep building up and up.This kind of clause might give you a little extra predictability in the numbers (anything in excess of said amount would simply be paid from the sellers proceeds).Food for thought anyway.

Secondly, I would look at 78727 close to the Domain where they predict Austin's 2nd downtown area will be!