If you have a $1000 mortgage every month, based on what you said where taxes are 75% of the mortgage payments, you're property taxes would be $9K per year which is really high.Did you submit an appeal to the city?

I am just getting started, so it appeals to me in the fact that I could get into a home for 3.5% down and also be able to look at properties that are value add.

The new builds appeal to me in this way because I don't need to do any work on it. 

Being able to control that your project is going to be unique and does not look like anything else without having to convince an owner of partners is very appealing to us.

Thanks for the points everyone, the flexibility of having a place to stay when we want to is what’s appealing but that’s also why they have hotels :) we still need to figure out realistically how much time do we plan to spend in Houston. 

Re-seeding likely will not work too well now I think. we always do sod for our projects, its a good investment for the instant curb appeal and pretty pictures.

I would definitely appeal the taxes.

You are correct that private money will most likely not touch this as the term and rate are not very appealing that your requesting. 

Just has these nasty old tacky cabinets, countertop, and bathroom vanity that really just brings the whole appeal down. 

One refi appraisal came in way lower than my projection (actually 2 but one I appealed and got an $80k upper).