That's higher end than my Austin investment home. I bought in an area called Bauerly Ranch, but we like Cedar Park and Round Rock as well. For mid-to-high 200's you can get a very high quality home in a master planned community that will attract a very high quality renter.
Depending on your goals, you may want to consider buying multiple rentals - and perhaps in other markets to provide granularity in your portfolio.
There are several great market my company has researched to determine viability for growth/appreciation.
To thoroughly understand a marketâ€™s potential takes time and expertise. There are a number of factors to be considered to determine the future economic viability of a market, including:
â€¢ Population growth â€“ short term and trends
â€¢ An upward trend in job growth
â€¢ The presence of large, sound, industry-diverse corporations (Fortune 500 in particular)
â€¢ Future plans for additional corporate entities
â€¢ Availability of State and Local government jobs
â€¢ The presence of cultural activities â€“ music, art and nightlife
â€¢ Leisure interest and recreational activities, such as golf, hiking and athletics
â€¢ The development of retail outlets and restaurants
â€¢ The quality of local school systems
â€¢ The natural path of growth within the metro
â€¢ Social and political issues that impact supply and demand, i.e. urban growth boundaries
Hope that helps!