Pick a mature urban or near-city suburban area that is complicated, where neighborhoods vary significantly street-by-street.2.

However, when looking for properties in downtown Austin near my work, my wife and I have been facing several challenges due to the high prices.We first wanted to buy a small multifamily home, but the prices for these would be beyond want we could afford month to month if the other unit(s) sat vacant.

I would only do it on a sub 30K home that wasn't near a school, nursery, playground, etc.

Especially when there is constant construction of huge luxury apartment buildings.

Near the end of this project, I'm going to send my guy over to her house to install a new toilet because she mentioned that it's the only thing in her house of 30 years that is currently giving her a problem. 

.  (* of course hip urban areas or nearly brand new with lots of amenities would be exceptions to the KC or midwest rule imo)

While I do think the area will continue to appreciate we do seem to be near a peak.

The house is near the university, so would make a good college rental.

Final offer is nowhere near the original and they try to rip off the seller.

I do have family near langley and friends all around the area that will be staying put in the Hampton Roads area.In regards to the 203K, what were the fall aparts that you experience.