Tertiary Markets

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I am wondering what people on here see as the pros and cons of investing in smaller tertiary markets. The population is lower and there tend to be fewer economic drivers making these markets, comparatively, riskier. That comes with a risk premium and high potential return. What are your thoughts on investing in these markets? 

Additionally, the real estate market, according to many analysts, seems to approaching the peak of the current cycle. How do you review new investments with that in mind? 

People have to live somewhere and a lot of great people that cannot afford rents in primary and secondary markets will be long time awesome tenants in tertiary markets.  Cycles come and go...always have always will.  If you are going to attempt to time entry and exit based on the pundits and gurus and any other source, the reality is you will always be too early or too late depending on who you listen to the most and when you move.