I am on the look and supply is super low.

I find the Huntsville small multifamily market to be very limited supply and generally I don't like the numbers.

Do you buy your supplies for the contractor?

(Ie, Vancouver, where population is growing by 5-7% a year and supply does not catch up to demand)- renting it out can take longer in a large development as you are 1 of perhaps 50 identical apartments for rent (if you’re on the southeast corner, all the floor plans on that corner is the same layout) - selling it in the future can be the same headache (see above)- some of the properties come with all the bells and whistles, such as rental guarantee, deposit incentives, free upgrades and etc, so do not be afraid to ask if you do decide to go ahead.

Since the tenant is supplying all the money to pay off the mortgage, etc...that leaves ONLY the down payment as your actual cost. 

I purchased most of the supplies independently, to avoid paying for more than labor.

Prices drop when there is an over supply of inventory.

You will get your equity in the form of gifts from your tenant (supplying the funds from the rent to pay the mortgage...including principle), and appreciation.If the property value goes down, that rarely drops the rent...at worst, it will stay the same. 

Such a large increase in the money supply often leads to some amount of inflation, but that is tempered in the short term by the economic woes.

Since I don't know what exactly you are looking at I can't say for sure if you are looking at ads where you need to supply your own land or not, but if it is that much cheaper than everything else it seems like a distinct possibility.