You are one emergency into financial ruin. you might stop your retirement for a year while take care of the debt.

Other that emergencies I do all repairs on my schedule.

Save up for an emergency fund, capital expenses, and later on for the next down payment. 

I'm working two jobs, living at home and have a savings rate of over 70%, but even still it'll be 2-3 years before I have enough saved up to cover a personal emergency fund, down payment, and reserves. 

At same time that if I get a house, I would need more money for the downpayment and more "emergency money" which could delay my plans for another year.Also, I'm trying to get started soon so in a year or so I can HELOC and finally start this snowball.

So far I've found PwC's Emerging Trends in Real Estate - US and Canada.

They include but are not limited to the following: Contaminated soilProximity to a hazardous waste siteOil and gas wells located on the propertyHeavy trafficAirport noise and hazardsOther sources of excessive noiseProximity to something that could explode, such as a high-pressure petroleum lineProximity to high-voltage power linesProximity to a radio or TV transmission towerProperty AccessThe property must provide safe and adequate access for pedestrians and vehicles, and the street must have an all-weather surface so that emergency vehicles can access the property under any weather conditions.Structural SoundnessAny defective structural conditions and any other conditions that could lead to future structural damage must be remedied before the property can be sold.

I've got a fairly large emergency fund to cover mtg/tax/ins payments in case of mass vacancies or no rent.

Even if growth is headed that way it may take 5,10,15 years to get there and nobody generally wants to be first in emerging towns.Example where I live in Cherokee county GA we have crushing growth.

If you keep on thinking about probable recession, it may lead to paralysis of analysis scenariors and you may never start investing.Ans you dont need 10 cap rate but probably a 15% ROI to get your net 4k a month unless you have lump sum of 25k as a cushion for emergencies