However, you won't see 50% decreases in rent like you would sales prices.

I'm really curious how others relying on this strategy hedge their bets to decrease their exposure.

Depreciation decreases your basis. 

I have seen numerous Zillow estimates that have dropped 10%-20% after being listed. I am assuming the Zillow algorithm uses list price to factor its Zestimate, but I am wondering if the pre-drop price could still be u...

The last thing you want to have to deal with is spending money to improve the overall value of the property, and then minor aesthetics and details are missed, which add up; ex. painted over light switch plate covers, or stairwell railings which have been painted over several times and never correctly sanded down, etc - gives it a look like it hasn't been done correctly and can decrease the value of the place.

@Ian Viray Check your Condo/ Coop Fees, they could decrease cash flow.

It seems that the population did decrease slightly in the past few years and there are about 15.5% vacant housing units.

There’s no much you can do to increase/decrease the rates, so focus on what you can control which is on finding deals that meet your investing criteria.

As rates go up buyers purchasing power will decrease.

I just came across this article from Calculated Risk (the article is about a year old so here is the latest data.) which suggests that MF demand will start to shrink due to increased supply from new building and decreased demand from those aged 25-39, who will make up the top three age brackets in 2020, who will enter their prime home buying years.