The words investment, condo and Houston don't go together.

Condo's in non condo markets tend to appreciate very poorly for a variety of reasons but one being a lot of projects do not actual qualify for conventional financing when not owner occupying. A lot of new investors get caught up seeing the cheap prices, with pretty decent rental rates. If you are a cash buyer and just looking for cash flow they can make sense, but if you are looking to finance and hoping for capital appreciation you are MUCH better looking for other options.