Neighborhood Renaissance Questions

[Michael Slot]

How does one know when a neighborhood is up and coming or if it already peaked? What signs do you look for? How can you tell if a neighborhood is still experiencing a renaissance or that the renaissance has stopped? 

I found a property situated on the edge of a part of town which used to be a bad area. However, it has seen lots of restaurants and small shops pop up over the last few years. If you walk in one direction the home values increase 10 fold if you walk in another they practically bottom out. This particular property is a multifamily with a store front. It needs work but if the neighborhood continues to revive itself it would be a great investment. If the neighborhood stalls out, well... not so much.