I just recently bought a second property and have never managed rental properties during recessions.

I see a recession is coming probably sooner than one likes driving LV value down again. 

Has happened in many locales recently (Great Recession). 

Stepping way outside of your expertise is how many investors got their heads taken clean off during the last recession.

Buyer / Tenant Falls on Hard Times51 Leading economic forecasters were surveyed and 45 of them said we should expect a recession in either 2020 or 2021.

Other house is in mid-town, newly 'hot' area, so I see more opportunity for growth there...but I may be wrong...recession saw many houses here drop 50% or more, especially on the high end...Lastly, if you want to build be sure to check the SDC's for water, sewer, parks, traffic etc.

We are not too far having another recession where rental source, appreciation will not be what you had hoped.

Economists are debating when the recession is coming in 2019 some claim mid year others say later.

One good thing about both of these is that there are other industries that can help drive growth and limit a recession if military spending goes down. 

Since most of the areas I target have bounced back from the recession (in a big way), I'm not too concerned with equity.