So while many of the basic issues of low income housing still exist those two fundamentals make it doable in my opinion.

You have a very fundamental misunderstand.

I mean that in the loan sense, not the type of property, although it holds true for both.When dealing with local or semi-regional banks, if you can show a track record of consistent and reliable performance when you purchase for X with Y down payment, and the fundamentals of the deal are sound, they will likely evaluate each deal on the merits, not just on your traditional income.

The fundamental mistake that most investors make is falling for the bottomline by hiring unlicensed people for low costs.

It isn't going anywhere.I would recommend evaluating Killeen on the deal and fundamentals like you would any other area. 

Now I'm scrambling and trying to go back and read my old notes and read up on basic fundamentals again.

I also looked at Vegas and Miami but didn't feel like the fundamentals were as strong as Phoenix in 2009-2011.

To be honest, I, focused on larger MF properties, which have become a national market since the last recession, so what's I say may not apply to local markets for SFRs with strong local fundamentals.  

You add a couple more increases and you're really going to see people leave.So, to you Ryan, I would suggest that flipping might be ok here but if you're looking at finding an area with great fundamentals, the last state I would be looking at right now is Illinois.   

Targeting markets with that type of historic appreciation, and fundamentals to drive further appreciation seem to make sense to me.