In 2012 I bought a duplex in the Lavaca Historic District, live in one side & rented out the other. 

@John Barry I would look into the following metrics:Supply: Research how many new units are coming onto the market in this particular submarket and the surrounding area.Demand: I would look at the absorption rates as well as the historical occupancy.

@Ryan Redenius - that level of cold was historic and only happens once every few years. 

After we accepted the offer on the house and had some time to breath and talk to people about our experience we picked up another home in the downtown historic district of SLC just a few blocks from pretty much everything from the arena to the state capital to the university etc. 

Historically, we have found our deals on our own through MLS, relator relationships etc.

It's a tough enough gig in markets like mine where inventory is at historical lows to land deals without worrying that you're being sabotaged.  

From a legal standpoint you will want to be careful because you are acquiring the current and historical liabilities of that LLC, also.

She shared an apartment in the historic district.

It's right on the edge of an improving downtown, but still in a transitional area. 1 block north there are (very large) million dollar historic homes, but 1 block south is a C-ish area.

Yes, rates are at historic lows, but that by itself doesn't mean rates must rise.