Then maybe at the fringes of the tertiary MF markets where all of the newly minted "syndicators" bought assets.

Tenants can be broken up into mom and pop (single and multi-unit operator), small franchisee (single and multi-unit operator),large franchisee (typically 50 units or more, regional corporate brands( investment grade or private credit non-rated), national brands (investment grade or private credit non-rated).Outer retail center locations on the fringes made up of mainly mom and pop tenants can get crushed because those types of tenants have few reserves and need the money and profits each month to thrive.

A couple whose combined income is what % of or over DTI that put them on the fringes of failing.  

In many of the neighborhoods on the fringes of the already expensive areas, that are likely “next”, people have signs in their yard saying NOT FOR SALE.

Even in the highly desirable areas (think Midtown, 38104) there are abundant fringe areas with varying values.

Neighborhood is on outer fringe of seattle so not walkable to any amenities,  but still good commute options to lots of places.One thing to consider though-  Seattle has very punitive/strict tenant protection laws -  and given our recent city council elections which appear to have moved the council FARTHER left (if that was even possible...) 

Obviously most of them are in the red on the Trulia crime map, but some I've noticed on the fringes sitting in the green.

You may find fringe suburbs are a better return for SFRs. 

If you want to invest in Phoenix you need to be chasing cash flow on the fringe of the MSA.