I agree with what Ki said- well stated! Its like anywhere that has a lot of development: you might get good cash flow but not so good apprecation. I know we have known investors to purchase in round rock over the last few years, where there is a lot of development, and they have a hard time getting their properties rented. It serves logic that Manor would be similar.
That being said, the increase in foreclosures in Texas (while lower in Austin than the rest of texas) might be creating something of an increased rental market. This is just speculation.