Different markets will heat up and decline at different times.

If it's the return you are more concerned with, you're probably looking at average 6 or 7 caps which may also be the case for many markets across the US, unless you want the higher risk that comes with 10+ caps like venturing into rough D class neighborhoods or go into markets that are much smaller, unknown, or worse  in population decline.  

Personally, I would decline to sell it until after this expansion actually happens.

When interest rates increase demand eventually declines, but we're still in the fear of missing out stage.

Are you concerned with the declining population growth of Pittsburgh?

It might be easier to decline and find someone new.Best of luck! 

If the sellers decline to do anything about the egress window, just buy it anyway.

And services have been cut to the bone.At some point we likely see bankruptcy (as predicted by the bonds), but even if we dont, its fair to say Illinois is not a growth state, and that costs for fees, and property taxes are likely headed up.So declining population, radical tenant friendly laws and high government costs all point to me as a place I would not want to invest.

I am weary of the Muncie area because of the population decline and overall low-quality rental market IMO.

Not to say that it can't/won't happen, rather it's nearly impossible to put a timeline on it.Plus even if there's a decline some areas are seeing huge growth, so something like 30% drop on equity might only be a few years of less of equity depending on the deal.Historically we're due for a correction, but it's unlikely to be what we saw last time around..