All the other economic and "do you feel safe" criteria seem intricately linked to crime. 

Local Economic Indicators: Monitor local employment rates, population growth, and housing inventory to time your deals correctly.

Economic Factors: Are job growth, population influx, or other economic indicators a big part of your decision-making process?

Leasing agent, maintenance guy, property manager, city hall-economic development, building permits. 

Depreciation is typically allocated according to the ownership percentages outlined in the partnership or syndication agreement, which are set in advance and follow certain rules under the tax code.However, some syndication structures can be designed with different classes of partners or special allocations, but these arrangements are subject to complex tax rules, such as the "substantial economic effect" rule under Section 704(b) of the Internal Revenue Code.

For leverage of 50% or less any worries are psychological with little chance of consequences moving beyond the specific property leveraged. 50 - 65% could go either way depending on economic climate, specific property attributes, management, etc. 

The spread/deal economics - You want to make sure the project makes sense financially.

I don't know Waco economics at all, but I'll bet there are 1000 units of some kind available for rent a town of 140-150,000 seems like a lot to me. 

When the tide was coming in, it floated all the boats, but some of them are now struggling in this economic cycle. 

I take it you're not Edmonton based, so you'll be competing with other's who's numbers don't make a whole lot of economic sense once you factor in the value of their time.- Most of the deals that came our way were for 60-70yr old wood frame buildings, that had been owned by their current owner for 25+ yrs, and we felt there was a definite risk that the economic viability of the asset was less than our planned (buy and hold) time horizon, and we were also highly skeptical of the insurability of some of these buildings or that the cost of insurance would not balloon once the ownership transition forced the insurers to reassess the building.Ultimately we pivoted to retail/light commercial mixed use properties.