And a very experienced landlord from whom I have learned quite a bit is going through a similar thing with refrigerators where he never previously supplied them but now has five vacant units going unfilled; the nearby landlords are now including refrigerators of course. 

This area doesn't work for me because I have a specific target individual in mind that I supply housing too and these people do not CHOOSE to reside in Joliet.

This means the contract will need to be remade, which will then cause it to be an extension of new credit, which could also cause it to come under fire of new regulations.  

All properties use the same percentage and the land and improvement value (they break down the property value into these two parts) will appreciate by a certain percentage per year based on your county regulations.

I think there will be small micro-markets - like the West Side of Ukiah - that are better positioned to weather the storm; there is seemingly unwavering demand and a fixed supply.  

Supply and demand dictates that the rent (and property value) will be lower than more populous areas. 

Of course there could be potential IF the supply of houses in the area is low, and demand high.

@Mike T. has got it right with his numbers, I came up with the same 10.1% coc return given the supplied totals.

These banks can offer products called portfolio loans, which are not subject to the same regulations as "conforming" loans.

Hopefully they want to acquire more properties through your supply and and it is very beneficial.