From the article, "...If your target demographic is "young professional" or "young family," try using a warm gray as a neutral wall color.

But, I may not be in your tenant demographic.

I think there will be a bit of a correction in this sector, but with all the demand from outside the US for these types of properties, I think it will be muted.As long as you're paying attention to the demographics (which is going to be dominated by the increasing age/wealth of the 'average' American for quite a while still) and/or don't play in the boom/bust sandboxes, you'll be fine.

Risk / Reward    Tenant demographics / Tenant baselow end rentals like the 4 plex you mentioned are very tough.. your rents are very low.. not enough gross rent to carry 4 kitchens bathrooms etc. and the tenants basically are renting the cheapest thing in town.. so guess who your tenants are.... they tend to be transient/ lots of turn over/ lots of no pay/ lots of drama.. thats why a seller would dump those at those prices.. they are suffering from burnt out landlord syndrome 90% of the time.

Even if you get decent tenants in place, just due to their situation there will be times where they simply can't pay and it is easier for them to skip paying you if they have temporary issues elsewhere in their life.Unless you know this total slum area is already in process of turning around, or you simply have a lot of experience dealing with these types of property and the demographics that come along with them, then I would be very careful considering chasing cash flow in these areas.

NM Apartment Advisors has some great info on markets and demographics.

They are going to be in lower-income areas with a tougher tenant demographic.

Demographic trends, generational shifts in attitudes about homeownership, and other factors are driving the trend.

Condos for rent are a good purchase because prices have dropped, but the key demographics for that kind of rental market is pretty much the same ones that have left or are leaving the island (young people, professionals, etc.)

Nationwide, I think it's probably going to cool in the next year or two based on prices vs incomes, raising mortgage rates, demographic trends, housing stock, etc.