Bad Time to Start?

[Marcus McGhee]

Augusta, GA is a metro area of about 500k people and an economy powered mostly by government, healthcare and some manufacturing. Starting about a year ago going through next year we have about 1,000+ new units becoming available in the form of large multi-family complexes. 

This is probably true for many areas. It seems like two things are going to happen in the short run: Older smaller multiplexes are going to be harder to rent, you'll have to lower your rent price to fill them. I'm considering buy and hold strategy specializing in duplex to fourplexs and I'm trying to learn everything I can, but is now a bad time to start?