Housing cycles-multifamily

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Hi,

I am looking to find a multifamily complex, about 25-75 units or so. Class C+/B-. As I am looking at where to invest, I have been trying to understand real estate cycles and am struggling somewhat. Perhaps someone can help me with this.

Specifically, I am trying to identify markets that are past their bottom, and are clearly at the beginning to mid stages of recovery. Places with a good future. I understand that single family home cycles are different than multifamily cycles. I am looking at multifamily.

I hear that TX has good markets, but wonder if they are too far along in recovery to have great opportunities. Certainly they have great growth, but wonder if the best deals have been picked over.

I sure would appreciate any help with identifying: 1) How to evaluate the multifamily cycle, and 2) suggestions of places fitting above criteria. I have been looking in TX (Dallas and Houston), but wondering about Oklahoma City, Kansas City (MO), Raleigh (NC), Scranton (PA). Others?

Thanks a bunch, Jeffrey