How do you make money in a declining market?

I am seeing the market begin to slow from job loss due to falling oil prices.  I was hoping to get ideas from folks on how to find areas where I can put the market reversals into business plans that are safe.  Acquiring new rentals using my old methods is no longer an option except for exceptional deals.  For now I am concentrating on fixing up major items I see that will need addressed in the next few years.  It is amazing to me how when you manage your own properties how you don't notice a bad roof until you find pieces of shingle.