Your risk is if there is a deep recession and people start losing jobs and can't afford to pay rent, causing you to experience vacancies and rent declines. 

In fact, while the number of people employed declined in Dallas in September, 14,300 new jobs were created in Indianapolis.

Not declining, but leveling off to a less frenzied state.

Customers will find it easier to monitor and adjust their water usage, and even find leaks or unexpected consumption more quickly.If approved, the new rate structure will apply the same per-unit rates to all users, replacing the declining block rate which gives a lower rate per unit of water for using very large volumes of water.Every customer would be charged an Account Management fee to cover the costs of billing and Customer Support.Every customer would be charged an Infrastructure Fee to cover a portion of the capital costs for providing water and sewer services.

In addition you have closing costs on both the purchase and sell, so you have to overcome those additional expenses in addition to the market decline.

If he is unwavering about giving the other information on himself, then I would decline him as a "tenant" until he provides that information.

If I find a problem, decline them and only then look at the next application.

I don't think we will have the same massive mortgage defaults as mid last decade, but did people experienced declining rents then?

In regards to overall population growth, I feel that NJ is on the decline due the to the high cost of living, taxes are a big problem here and rents are no way near NY ranges so its not the easiest place to make a profit. 

Competition, as is the case with the rest of the country right now, has caused a sharp decline in the general availability of proper investment properties.