For instance, if a market where the property is located enters into a deep depression, how will that impact this investment?!

High supply of them equals low demand and depressed wages.

Worst thing that can happen is there's a total collapse of the entire market (like the Great Depression).

It’s a bit depressing for me as I think of myself as a savvy finance and business person.

@Rudy Manna   yes all those things.. many parts of rural WA and Oregon have been in a depression state since the spotted owl killed logging. again just look at little towns between Tacoma and the Oregon border that are sitting in the watershed drainages...

Last I knew (I'm way, way far from an expert), Pottsville was pretty depressed, so I'm a little skeptical of the vacancy rate/rent.  

So I'm not concerned about the short-term value (12-24 months) if I go this route, because it'll cash-flow anyway, and I can take the appreciation on the back-end in 5-10 years.You're right that values could be depressed even further by the time this property is completed at the end of the year.

Many may disagree, but we're still facing a potential recession/depression.

This was an eyesore and depressed the values in the area.

Things like how much you borrowed to acquire property A, such as 30% down on the depressed value, or if the depressed value is low enough to pay all cash.Remember, the key is (depressed value + rehab cost) is hopefully a lot less than (improved value).