It could be an area this depressed today, but you know future development will increase property values. 

With a shortage of units available, it can be that the NOI will actually increase which again moves the CapRate upwards.Now if by downturn, you mean total economy recession or depression where jobs are scarce and wages are falling, then that's another matter.

I also have another family member that is bi-polar/has depression and have experienced the ups and downs, etc. that occur when meds are resisted or need to be adjusted.

There are 2 Amazon distribution centers coming to some fairly depressed areas near me, and I was researching how this might affect those towns’ economies and housing markets.

That's a total of 20 hours a day leaving you 4 hours a day to do nothing but analyze properties.Now, assuming a 30 day month, you have 120 hours/month to analyze 100 properties...that's 1.2 hours/property.I'm not telling you this to depress you, or to stop you from your goal. 

Its not even possible to tell them what to do.From the time they (The FED) started managing our monetary policy in 1913, it only took them 20 something years to have the Great Depression!

I'd speculate they don't mind a sick, unhealthy, overweight, depressed, anxiety ridden populace.

With interest rates low and prices depressed, does it matter if you hit bottom exactly?

I have myself convinced that we have not seen the end of high foreclosures, high unemployment causing depressed real estate values until the economy can right itself.

I've been doing north Indiana because the state has been running a budget surplus all through the "crisis", has been cutting property taxes, and has sociological anchors that will keep people here and coming no matter what shape the economy is in.Post depression is a good time for looking into any sort of "destination" city that people will always go to for a reason.