Downtown is booming in many spaces along with several boutique neighborhoods that are surging in demand. 

I remember seeing the Chinese real estate market booming when I was attending college and working in Shanghai in early 2000.

Alternatively it could meet a economic wall that cannot be ignored and come to a very abrupt stop leaving a lot of folks drowning (just ask some of our neighbours to the south how quickly the party can end).Finally, yes, there is still money to be made, but the approach you outline is more speculation than investing.  

I bought during the boom and I bought even more during the bust.  

You'll likely soon find out it's much harder than you think with Texas real estate booming.  

The town still seems on slow decline but home prices come up a little may be form the overall market boom anyway but sill some deals seems very tempting.

Here's the rate sheet associated with a lender that can reliably deliver on the time-frame specified in the contract, here are fannie mae's loan level pricing adjustments, here's your fico score,  here's your down payment, here's how you price out your own mortgage, so boom here's your rate at no points with a slight lender credit, and we're done.

It seems very boom or bust in my opinion.  

The guy who bought this piece bought the bare land for 510k (in 04 so I think it was in the housing boom) then added 3 wells, electricity, the used manufactured home and the septic.

I'm a former broker and I loved what I did, but it came to an abrupt ending in 2007.