Peeps still have to live somewhere and there is still some benefit to owning a home than renting .. it could just be over building in your area as well.. you see that a lot with condo developments the lag time to get them up is so long that by the time they come to market the market cant absorb more.Not sure in Austin other than there was from what I understand a large run up.. but I can see luxury pricing in Texas being an issue with the prop tax's that are quite a bit higher than other parts of the country but that is usually mitigated for texas residence who don't pay state income tax as there is none in Texas.. so I think texas for TExans is a great investment long term. 

and empty land for further development 

Rent-O-Meter has the rent at $934 for that area.My strategy is to develop relationships with loan officers that have relationships with people that can afford a home but can't qualify through traditional means.

I am thinking about 1031 exchange to a Multifamily unit hopefully closer to San Francisco proper.

Do people ever just want to strictly investment SFR New Constitution I was a Managing Broker who acquired  Land and smaller parcels that could be developed into small 10 Home communities as well as tear downs for custom Home Builders as well as a National Builder whose smaller division handled tear downs and  or high end Flips. 

We ultimately came up with a finance and investment strategy for the area to secure property and develop a track record. 

@Eddie Starr Seems you're developing a great process to tapping into funds.

We have to obtain a hotel license for each property and collect sales and tourist development taxes.

There's a moratorium on building multi family in my town that was instituted to stop an enormous multi family development.

The area is doing a lot of development, in what looks to be a very desirable area.