If you examine the data you'll be able to see if rents in your market have rebounded since then or are they still depressed . 

You can examine the recorded mortgages and this is a good way to see who is financing the local projects.

Examine Midwest markets that exhibit positive demographic and economic trends, such as varied economies, inexpensive housing, and rapid employment development.Prior to making an investment in an out-of-state market, it is imperative to establish connections with local property managers, investors, and real estate experts.

(e) While a person may examine and consider a criminal background check, credit history, or rental history in reviewing an application for rental housing, the person shall review and consider additional history in reviewing an application for rental housing, the person shall review and consider additional information provided by the rental applicant, including, but not limited to, personal references, recency and status of any evictions, and any actions taken by the rental applicant to resolve past evictions, credit challenges, or alleged damages, the recency and severity of any convictions, the violent or sexual nature of any prior convictions, the facts or circumstances surrounding criminal conduct, the age of the applicant at the time of the conduct, the age or vulnerability of the victim of the conduct, evidence that the applicant has maintained a good tenant history in the intervening time, and evidence of rehabilitation efforts, consistent with state and federal law, including, but not limited to, fair housing laws.

Like your build, our project is situated on a smaller parcel of land compared to other Towneplace Suites I've examined.

I evaluate a little closer (along with the 2% and 70% rule) here: https://www.biggerpockets.com/renewsblog/2015/09/02/real-estate-rules-examined/

Also, I'm about to take the state exam in Arizona to become a licensed real estate salesperson.

we will cut 75bps next year2. historically, when rate is high and unemployment goes higher, and then Fed started cutting rates, it would be followed by recession 100% of times 12 months after the first rate hike due to higher unemployment,3. unemployment is at 3.7% but if one examine the detail, new job only available from government and hospitality service (server,etc)4.

Sometimes equity skimming arises as an issue as a result of examination.

We have shaken the trees as much as possible but from the Board of Commissioners, Director of Public Works, Manager of Building Dept to the assigned plan examiner, they have closed ranks on us and given us the boilerplate response of "you're in line, wait your turn."