That said, the markets can be bubbly, rents are always depressed (because so many locals have big family networks and lots of basements to fall back on in tough times), and competition is high from out-of-state investors and a very entrepreneurial population. 

Depressed markets tend to have more opportunities IMO.

Taking all of the factors you said in consideration, what would you say would be your absolute ideal NNN purchase in today's market that would weather a recession (maybe even a depression)?

This is such a depressing thought.

(Probably for less than 60K because if I did my math correctly, that's about all I could afford)My question is this...do I wait until I have more income and better credit to buy a multi-family property that I can live in 1 unit and rent out the other 3 or 4 (MF's are where I want to end up in the future), or do I buy an awful SF home in a depressed area for 15K or 20K, put a few bucks into it, and hope that I can turn a profit?

The prices out there are highly depressed because 80-90% of the sales in the area are foreclosures.

From what I've read this area is economically depressed and considered one of the toughest regions in the city.  

I am in residential new construction and the number of warranty calls on appliances is really depressing.

However the downside is that there is huge economic depression and all the bad things that come with that.  

Bill Gulley That's a pretty depressing attitude.