There are opportunities on the fringes for sure. 

Most of those fringe operators make little money.

Find a couple SFH's or townhomes in the surrounding communities that are far enough on the fringe that I can maybe get positive cash flow and still have some reasonable confidence in appreciation over the long run.

I wouldn't suggest buying in an area surrounded by vacant houses, try to buy on the fringe of these rougher areas (corner lot maybe or close to a highway) rather than dead smack in the middle and you'll be fine.

for me easy.. get a real estate license sell real estate and get paid to learn.. instead of what seems to be common these days with people that invest in their small business with no experience.. that's a pretty tough way to go about it.I was young I got my license at 18 and was focused on making sales to earn income .. with this income I bought homes in the Bay Area.Be surprised were working in the industry instead of on the fringes of it.. 

Buying on the fringe of a hot area is also a awesome way to build equity.

Then maybe at the fringes of the tertiary MF markets where all of the newly minted "syndicators" bought assets.

Tenants can be broken up into mom and pop (single and multi-unit operator), small franchisee (single and multi-unit operator),large franchisee (typically 50 units or more, regional corporate brands( investment grade or private credit non-rated), national brands (investment grade or private credit non-rated).Outer retail center locations on the fringes made up of mainly mom and pop tenants can get crushed because those types of tenants have few reserves and need the money and profits each month to thrive.

A couple whose combined income is what % of or over DTI that put them on the fringes of failing.  

In many of the neighborhoods on the fringes of the already expensive areas, that are likely “next”, people have signs in their yard saying NOT FOR SALE.