The "Duplexes of Texas" builder has been the only fundamental driver in Buda. 

It isn't market cycles that tend to get investors in trouble, it's ignoring the fundamentals and using ridiculous financing options that can't handle market stressors. 

3) That depends on your NOI minus debt service which depends on a variety of factors such as market fundamentals, job growth, demographics, what can they pay for rent based on their income and much more.I, for one, don't invest in areas with a population less than 250K and we're about to raise that number soon.

Obscure markets don't usually have enough of an economic engine to bring you rents you're looking for anyways.Make sure a market fundamentally meets your investment criteria first.

Don't rush it and stick to the fundamentals.

A read some posts from a few years ago which seemed to conclude that it didn’t have a lot of the fundamentals necessary for a good market.

The fundamentals are there - good job market, good local economy, ever increasing immigration.

Fundamentally, pricing a fixed income asset is a function of variables like interest rate environment, loan performance history, loan to value, property characteristics, borrower characteristics, state-specific metrics and a laundry list of things you might want to include as variables in your model. 

@Everest JordanGood thoughts, however I don't see how most of that would directly affect our purchasing or design decisions in real estate.In my opinion, it's good to be thinking about these things, but in terms of mind-share in evaluating macro items, I'd much rather be thinking about fundamental economic indicators for an area we're investing in, or the overall domestic (US) market. 

But if you build you own fundamentals and foundation, then all you have to do is take action.