Many tenants dont turn it on because it is loud thus after a hot shower they open their bathroom door and the steam goes into the room or closet and gets trapped creating high humidity. 

But the difference between that time and now is two things, in 1970s era the interest rate is in the high single digit.

The best ones command high rates. 

Highly doubtful.PS.

Can you please share what areas are the best to invest in in this current market of high interest rates and low inventory?

Hopefully, you can better time the market and sell high and buy low when you find a deal. 

Taking on a large first deal with no experience, no resources, no money : high risk for the lender.  

I am a little concerned about the high property taxes in Texas.

Obviously this is an investment as once she is finished with school she will make more money, but realistically we are looking at the next 4-5 years being pretty tight on cash from only me working and paying off the debt.Is investing even feasible with low amounts of cash on hand?

Anything a carpenter can do is comparativley cheap to the above.It can be done if it is a great house in a high value location, but frankly probably more eonomical to tear down and build new.