I'd say we are in the top of the eighth or bottom of the ninth in this boom cycle.  

I live in Dallas Ft Worth and the area is booming.

Renting 300sqft efficiencies for $3900/mo during the oil and fracking boom.  

A 5-year track record in the industry for the sponsors seems logical to me...if they haven't made a killing these past 5 years, then something is wrong, as this is the Boom Time for multifamily.

You take action immediately to collect or evict.

Sounds like it's going through a boom.

I currently have a rental in Eagleton village which is very middle class but booming and I grew up next to Maryville College which is another excellent area. 

Due to the declining population, you're not going to see the appreciation you would in booming markets like Houston. 

If it's any consolation, "perfect storm" conditions usually revolve around boom towns or single-industry areas - oil towns, car towns, etc (Dallas/Houston in the 80's; Detroit in the 90's/00's) - and are often coupled with governmental incompetence of foolhardy spending.

My goal is to have a solid cashflow.For example http://www.loopnet.com/Listing/19771281/251-South-...The neighborhood is booming, You probably heard of Williamsburg, NY the place is the mecca for hipsters :) For that price $450k you can't even buy a 600sq.f. condo in the neighborhood.