As mentioned ACC is offering classes in Elgin. They are currently holding classes at the new elementary campus, and the actual ACC campus will be opening in the spring of 2013. Wal-Mart is scheduled to open a store in the next year here. And the local grocery chain, HEB is planning on expanding their shopping center. Growth should also follow the expansion of the 290 corridor between Austin and Houston.... more
I would certainly recommend residential investment in Elgin- there are many builders offering awesome incentives and if your Realtor is highly connected, they may already have pre-negotiated deals on residential units.
As for commercial, it depends on what kind you are trying to invest in. Elgin is an old town but a new city if that makes sense- if you're interested in commercial investing, the city is certainly growing rapidly and becoming an alternative to the City (especially as Manor fills up, attracting people to Elgin).
I like your long term thinking- you'd be surprised how many people aim to make a million dollars overnight! :) (Sorry for the delay in answering, I am new-ish on Trulia!)... more