It's rare but not completely unlikely. Give that Austin is in a super hot sellers market, homes are selling very quickly. Average rents in Austin are around $1400 and if your in the position to buy, it's a much better option for you. I can help you get in a brand new home for considerably less than what you would pay in rent.
I've helped people buy homes with credit scores as low as 580 and in some case 0 money down.
Buying is worth considering.
JMPORTER Realty/Homecity Real Estate
Joseph is right, check the foundation before you buy, Centex Foundation has lots of foundation reports already done in that neighborhood, and many others. As always, find a buyer agent who you enjoy being with they can and will help you immensley.