Well, I guess I'll go ahead and the tenth (I think?)

You need a place that fits a certain criteria you define and I personally suggest a place close enough to get to know well and if you are planning to rehab and do this without help, be able to visit easily and often.

Eric If you ever can't find a deal in your neighborhood, you should take the short 3 hour drive east and come visit Columbus.  

I'm currently acclimating myself and I have been meeting people a step or two ahead of me that can show me the ropes. 

Either way, great job saving, and you got a bright future ahead!!

@Aaron K.You are very correct, but it is not feasible for me to visit every area I am evaluating. 

I just visited the area a couple of weeks ago and saw a lot of development properties in the works.

I personally think Northeast, East and Southeast Austin have some big growth ahead over the next decade as they have only a few new construction neighborhoods today, but not much in terms of A or B class commercial yet (HEB, Home Depot, Walmart, restaurants, etc).

And if so, how do I state that in my letters so that it doesn't turn a seller off, yet gives them a heads up?

That drive is ridiculously long and boring and could maybe revitalize some struggling smaller Texan communities that are just a day's drive too far for Southeast Texan families to visit on a weekend.