Honestly, I think you can do well in most markets if you 1) have a thorough understanding of the market or a partner that does, 2) have good boots on the ground in the market that can watch your investments, and 3) have the resources availble to care for the entire life-cycle of your investment.

Or is it really all about the appreciation potential and that we're still toward the lower part of the cycle?

What specific signs should I watch for to analyze market cycle shifts better?

I would recommend mobile home parks over multifamily at this point in the cycle & get to know a lot of syndicator’s & potential deals.

You may have to wait for the normal Real Estate Cycle of 7 to 9 years to get back to a new High...

A unit low on freon won't cycle properly and won't cool no matter how low the thermostat is set, so it would tough to blame a tenant for this.I agree with the poster above, $3,500 is a great price for a unit replacement...

This person would be getting a notice of termination before the next monthly rent cycle. 

This, I hope will spread out my risk from any market cycles, and allow me to take advantage of the party continuing if it stays hot for another few years.

We are hoping this first house hack will allow us to save up for another down payment and keep the cycle going.

As long as I can keep my income up (currently unrelated to RE), I could ride out ups and downs in the market cycle by buying every year or so and focusing on buy and hold.