We took a look at it and no matter how much we wanted to like it, the area depressed us.  

The first, that stock markets have crashed every 7-10 years ever since the great depression is true and well-documented (so if you believe in timing the markets, it's about time to get out of stocks).

I have one rental which was a primary residence, and we became landlords when we needed to move but couldn't sale the house in a depressed market.  

Literally one of the most depressing towns I've ever gone toMy $.02 FWIW.

The risk is that the area becomes depressed and the new apartments become class C in 15 years.  

Property values dropped 50% or more during the great depression and foreclosures rates went sky high.

Most economists including Ben Bernanke thought we'd go into the worst deflationary depression since the 1930's.

For the past couple of years, it has been fun, exciting, depressing, hectic, and crazy.

Thanks  @Brian C.Rents are still relatively strong, but values on SFRs are down d/t no one buying. 10x gross rent is pretty close to where they currently are, but because the depressed market i think i can get better deals than that.

Was it depressed due to needing rehab?