If you mean 'investment' as in a home that will appreciate substantially in value over a 3,5,10 year period, then I'd probably say no. Land prices in NE Austin are cheaper than most other areas in Austin (thus lower home prices) because that area is generally viewed as less desirable for a myriad of reason: limited City utilities (water/sewer), soil conditions that are not great (have the potential to cause foundation problems down the road), limited roadway infrastructure (getting better) and a limited supply of retail to support the surrounding homes.
In my honest opinion, assuming you buy at a market price, your home will likely be worth around what you pay for it today in 3-5 years time. I think the overhang of foreclosures in NE Austin & Pflugerville will keep a 'lid' on prices in those areas for the next few years. Additionally, once 'lot developers' come back into the game there are thousands of planned lot deliveries slated for the NE Austin area that will keep a ceiling on home prices in that area. I'm not trying to burst your bubble, but that's just my opinion. I think for true 'investment' purposes you can do better in other areas (closer to major roadways/highways, schools, job centers, etc.).
I would recommend speaking with a reputable Buyer's Agent to help you find the best area / submarket for you that fits your price range.