crashing oil price and real estate

[Joe Kim]

I currently have nearly half my small portfolio of 7 properties in one city - Houston.

Given, the precipitous drop in oil price, I'm wondering about risk to my rental properties in Houston.

Obviously, this can be a double edge sword.   If oil prices keep dropping and stay low (under $50 brent oil), there may be great buying opportunities in places like Houston which is obviously dependent on oil but at the same time is a desirable place to live due to its size and other offerings (cheap housing).  

I'm waiting and watching to see how things pan out with oil prices.  

I'm learning that real estate investing is always viable at one time or another AND at one location or another.      No matter what the market conditions are nationally/globally, there is always opportunities here or there....the trick is to find those deals and take advantage.

Any thoughts about oil and real estate and different local markets (like Houston)?