After looking at your profile and understanding that you own and manage multi-unit complexes, my biggest worry would be for migration of the bed bugs.

I personally do not know your market but by just poking around a bit, looks like unemployment is still on the decline as shown in the graph below.Mobile's net migration to the area is still in positive territory with no signs of slippingAnother good link for your local demographics, comments from residents, and city rankings is bestplaces.net which might help in your research of your area.  

Some of the things to consider are: it has to be a bigger city or area of HIGH MIGRATION (people moving in).  

Of course, that led to the rabbit hole which I elaborated on above :) As much as I may want it to, perhaps the big housing economic machine is far too complicated to fit into one theory.I like your points about Population Growth and Urban Migration driving housing prices.

I don’t know about 6% annual appreciation, but 3% - 4% is very doable going forward in my opinion.As you know, the SFBA is home to over 7 million people.Based on the 2013 population report from the California Department of Finance, the Bay Area is the only region in California where the rate of people migrating in from other areas in the U.S. is greater than the rate of those leaving the region.

https://frontrunner-mccc.s3.amazonaws.com/migrate/...Give at least 15 days before the end of the month notice to vacate.  

For example, some markets have higher cap rates, but have negative migration or very little growth.

I'm surprised to see so many cities in Texas on this list given the population growth and migration to the state from other parts of the country.

Jow Garvin, I'm interested to know if you are still using Evolve or if you have migrated away.

There is going to more of a migration than crash.