Does Midwest lower appreciation = lower downside?

[JJ Jackson]

Hi, Everyone. I'm a Missouri boy now living in the national parks/desert area of Southern Utah. 

I would love any input from any Midwestern, cashflow, multifamily investors with some insight for me.

I'm researching my second buy and hold in Missouri, fifth overall, this time multi-family. I know a large percentage of BP-ers are "wealth is from appreciation" and "value added" types, but this one will be turnkey, cash flow kind of deal -- already rehabbed and stabilized in a B-, well-cared-for-but-not-sexy area that has not appreciated much in years either in valuation (beyond value added) or in rent increases.

Of course, number one is, Do the numbers work for me (showing potential so far if banks come through), and Is it what I want? (that's where the research comes in, and comparing it to more local options). 

However, as I think of other benefits, I see a couple that I wanted to run by those with experience in this realm.

1) Am I right or delusional in thinking that the properties that have not participated in rocket-like appreciation will not suffer to the same degree if there is another downturn if the cash-creating spigot ever turns off? 

   (of course, just as likely as a downturn is that we may never see numbers as low again)

2) Am I able to count on more stable insurance and tax numbers in this more reserved environment?

3) Any other wisdom you can share with me?

Thanks.

JJ

PS

Thanks to those who weighed in previously with recommendations for area financers. I'll get back with a report of all I've learned there when the time is right.