How to tell when neighborhood is turning around?

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I am still new to real estate and trying to figure out how to tell when a neighborhood is turning around. There is a certain zip code that has been known to be the "hood" in my city. It is not the ghetto, but close to it. Well recently the area has been seeing a lot of investors coming in and renovating the boarded up houses then turning around and selling it. Also, the city just got awarded HUD $24.5 mil grant for the adjacent zip code right which is just right across the freeway.

The area is still really cheap and still have a lot of boarded up housing and many still associate the area as bad. The crime rate is still high, but its getting concentrated to the center of the zip code. This area is about 5 miles from downtown. So I think this area will turn around based on the information I researched. Is there something else I should be looking for? 

I want to buy, rent, and hold onto properties, would this be a good time to jump in even though the area is still cheap and labeled bad?