I've come to the forum seeking confirmation for similarly wrongheaded pursuits and I am eternally grateful to those who talked me out of them. Saved me a lot of grief and money. There are a lot of wise people here that offer great advice. Sometimes wise people disagree but in this case the recommendation is essentially unanimous, and I echo it: don't buy that house. The option to sell the contract at a profit seems to be the only viable one if you must make a play on it.
I've read this thread several times as it has popped up with a new reply or two, so perhaps I missed it -- but what do you and your husband do for work? Not specifically, but it seems like you're not location dependent if you jumped from Washington to Texas? If you're not tied to a location by work and you don't have a preference where you live (other than NOT Texas, which makes it particularly baffling that you're considering buying a home there), for the amounts you're considering spending you could easily find something fairly lavish in a rural area that suits your needs.
Most people are tied to a location by work or family and so they might end up stretching themselves or waiting a long time for the right place. In my case, we searched within a 30 mile radius. That doesn't even justify a pin on the map of the United States. But if you can work from wherever (or don't have to work at all), then you have access to the entire map. Is this the case? If so, then your aim should be to determine a place that you actually want to live. From what I can glean, you've only eliminated two options: Washington because it's too expensive, Texas because you hate it. (Although I'd bet there are parts of Washington that are affordable and parts of Texas you wouldn't hate.)
I recommend opening up a new tab, going to your real estate site of choice, plug in your desired ranges for price and square footage and acreage, and drag your search bubble all over the map. You might find something you like in Tennessee or Idaho or Kansas or Montana or maybe even a different region of Texas. And you don't have to move anywhere on a whim. Maybe you narrow it down to three or four areas where home prices are in your range and you like what you can see of the culture and amenities. AirBnB for a couple months in each of these places and then make a selection, or try again with a couple more locations.
Maybe some of that is off base. But to reiterate, under no circumstances should you buy a house in the one single place in the country that you've decided you don't want to live. Doubly so because it will stretch you financially, wouldn't be a good rental, and all those other reasons others have given not to buy it.