Anyone who has buying since the recession has been a great investor.

Even more, during a recession it is not to be relied upon because its' success is predicated on a raising market and looser lending financing.

There are currently zero holes in the living room ceiling, but if I go with recessed, how many are typical or cost-effective?

Recession resistant.

Also student housing appears to be a recession proof investment ( I think).

Recessed lighting, brand name mini-split system with 4 zones and tanked water heaterOnly upgrades are vaulted ceiling in common area, solid core doors, Decora light switches with dimmers, 50 gal water heater (vs. 40 gal) and lighting in closets.This price was locked in at peak lumber prices and the majority of lumber was ordered on day one to protect from further increases and supply issues.         

We are in a recession and remote work is declining.

The vast majority of banks don't like to do them on rental properties, and most are further tightening their belts as they gear up for a possible recession. 

regulation risk (HOA, city, county, state), pandemic risk (example COVID), economic risk (Great Depression - I think I am in a small group on this site that had STRs at the Great Recession).final point is depending on the lease agreement, you always are somewhat at the mercy of the owner.Arbitrage is basically a job. 

What I'm trying to do is not get a home that will devalue if the economy goes to a recession in 2023, and based on all the data it's very very likely.