A lot of times the economic development department will have the vacancies also check with property managers.

In your area look for the potential economic drivers that are operational today that may attract outside investment.

Many people are gearing up and cheering for the end of the economic world and think they will automagically become zillionaires.  

Both of them are offered as value-add plays based on a light reno which is supposed to result in rent increases of $115 to $150 per unit.I have my own thoughts on where I want to be in terms of property quality but I wanted to see if any investors local to the area or knowledgeable about the area could offer any opinion on what class these two neighborhoods/areas are and which of them would be more resilient in an economic downturn.

I feel i not really know the economics I would say.

But, if you don't have experience in those sorts of neighborhoods, and even moreso, you don't have life experience with the socio-economic type of people who would be your tenants, that's your answer. 

What is happening with the local economic development chapter and can you piggyback off of those upcoming projects by buying ahead of those? 

I originally used 10% for a vacancy rate when analyzing deals, but I have seen more than one economic report on the OKC metro that shows real vacancy rates sitting around 8.5%.

- Any obvious risks to investing in the area (such as non-sustainable economic growth)?

You do NOT want to be exposed to heavy debt in an economic downturn if your renters suddenly disappear.