Currently, it is not exhibiting any real downward trend, although it's longer-term upward trajectory from 2010 through 2014 appears to have ended.However, many US states, including larger states like New York, Texas, and Washinton have significant downward trending leading indeces, along with many energy-producing states, dropping into what is historically recession territory..Select States with Declining Leading IndecesDoesn't it look sort of like it did at the beginning of the last recession?

Buying a neglected, 125 year old, 3 unit home in a historic neighborhood as property #1 is dishing me up as much as I can take but you can "swallow an elephant one bite at a time" and that's what I'm doing with that one.

Sure, I risk losing all or part of it in the event of a market downturn, but historically, long-term investors have seen about 10-12% annualized returns in index funds like these. 

One day I went to look at a house for one of them in a not so nice but historical part of town.

If your are going historic I highly recommend the book 'living in the past' it has some great tips on highlighting relevant design elements and how to re-create ones that have gone missing over the years.

looking back historically, the markets have always risen so I would not be worried about how high they are but pay more attention to the basics of buying a good rental property, like cash flow. 

Built in 1890, the home has seen little remodeling and so retains much of its historic charm.

I am trying to build a local network (and conversation) for other investors in the same area, doing the same thing.I'm sure if this describes you, then you, like me, have questions too.I'd like to know if anyone out there in the forums has historical data regarding vacancy rates of homes in Towamensing Trails?

TaxesIs the home on a historical list or any restrictions to rehabHOA?

We do not know the historical rental of the home at this point.