Keep posting on BP and network with as many people as you can in your area and you'll learn a ton. 

I'd probably lean more towards Richardson than Carrollton based on what the people I know say about schools. 

As other people have mentioned, you have already done more than a lot of landlords would do to support the tenant, not in a bad way!

Would love to hear from people who have invested in the area.

It might help people get better information.

I was going to say, I wouldn’t count on too much appreciation with a view like this across the street hehe. 

While you can potentially rent-by-room, this is a really tough configuration to do that with as 3 unrelated people seldom want to share a bathroom and if they do, they expect a pretty steep discount for it.When you mentioned rental arbitrage do you mean that you're open to someone renting it from you for the purpose of using it for arbitrage? 

I am sure you can find some people here on BP that could help you.

Don't worry about what people say, but with the numbers you put out, they would be right.

Also depends a lot on local authorities whether people will dismiss your concerns or not.