The core criteria to consider for your area include:- number of well paying jobs in the area- number of people moving to the area to take those well paying jobs (short-term assignments and indefinite)- number of employers who move workers into the area to fill those jobs - frequency of 30+ day vacationers If the above economic criteria look good, then there are a few basic criteria for the unit itself:- easy parking- decent neighborhood- kitchen or kitchenette- low price per bedroom compared to an extended stay hotel Good luck!

Loans on properties where the owner is the occupant have 100 x the rules/regulations after the mortgage crisis compared to non owner occupied investment properties. 

In a reversion people may down grade to lower cost units and the Class A stuff might take a hit because they will have to lower rents to compete.If you have cash, you may be able to get properties at a significant discount from owners that bought poorly or over paid during the sellers market.Generally speaking the default rate for multifamily remained low during the 2008 crisis, most of the losses were concentrated in a few markets (Phoenix and Miami come to mind).

If you plan to hold on to a property for awhile and you got it at a good price point, you can probably survive most economical cycles other than a total disaster where people abandon the city or something.

The builder of this community went under (and went to jail) as a result of the economic downturn at that time, and this unit never got completely finished.

@Mai Barnes@Dennis M. is completely wrong, despite his dual economics and finance doctorates.I have it on good authority that @Caleb Heimsoth is completely unqualified for this sort of prognostication with an engineering background, of all things.Thanks to my Greek heritage, I can read the stars and the coffee grounds and I am certain it's going to be in 118 days.

Many cities in Texas have great population and economic growth, but you need to be mindful of property taxes and the fact that many neighborhoods have mandatory HOAs.

If it is on well and septic you may have other challenges which may make it economically unfeasible.Check the zoning codes to confirm the requirements.  

(Since the LLC is newly formed this will not be massive crisis.

Don't overthink the economic factors too much- you're not buying a 100 unit community.