Hi, my name is Raphael, I'm with the Osborn Team ( Althea Osborn) Keller Williams in Austin, Texas (you can google us) ( also ignore the San Antonio address, I take it trulia doesn't have austin group?). It's a great time to buy & your son will receive the 8,000 tax credit if you purchase before dec 09. Rentals are in high demand in the UT area. If you choose area carefully & buy right it will be a great investment for years to come. There are many new projects in the works in the UT area, so you need to be careful were you purchase for future resale. Sorry response is so short, it's been a busy day in real estate today & I'm beat. If you have sometime to chat, I can educate you on UT area real estate. I would like to help you with your son's property, my email is email@example.com.
For the price range you are looking for, It will be a challenge for you to find a place 3 miles or less from UT. A good area to look for is area 1a. Around Far West Blvd, Spicewood Spring Rd and Steck Ave. The UT shuttle goes to that area.
You can visit my website and set up searches that will let you know via email of the properties availables based on your criteria.
Take care and Good Luck... more
Not sure what you mean by investment as all real esate is essentially an investment. You should evaluate your short and long term goals for the investment before you decide. If you get anything near UT you are sure to appreciate no matter what you ultimately decide. I believe in the current market you get more value from a resale than new construction. Also how "near" UT you get could determine "high" a price you pay. Also remember that east is less expensive than west. I just sold a sweet 2B2B townhome with a 2 car garage on a UT shuttle route in the Timber Ridge Subdivision in the $120's.
Couple of tips: SIngle Family is always better than condo for rentals because you get stuck with high HOA dues and occasional assessments that can really set you back.
If condo is your answer, then go for the 2/2 so you can rent a room and get help paying your mortgage. You may also qualify for the $8K tax credit if you plan to owner occupy.
Hope this helps and call me if you need a lender and want to see what's on the market.