Looks like the market there declined 10% 2007-2011 then started rebounding hard starting in 2016, fully recovered by 2018 and has been gangbusters since then, so seems more like a boom and bust market than one with strong long-term fundamentals to me, and since it’s been booming for a while now...

If no continue ; if yes skip.It all depends on your other income.Appreciation in CA is just too rock solid, last month only we got 10% MoM basis.Theoritically with 10% MoM and rebound market, negative cash flow issue is nothing considering it doesn't hurt your wallet.Sell at year 4-5 and you would be set.

I would agree with @Alex Corrion...the Lansing area is stable, and housing prices have rebounded nicely.   

On the horizon, if you believe inflation is likely, you would expect the fed to raise interest rates (at some point, probably after employment numbers rebound substantially).

Then, when the market rebounds, you have the potential to sell the property and liquidate your investment or carry the note and act as a bank for a new buyer, making your money on the interest they pay.

Here are a few high level take aways from my point of view as a mortgage broker in the space.1) Multifamily investing expected to increase by 33% in 2021 to $148B2) GDP expected to rebound nicely up 4.5% in 20213) Despite being hit hardest by the pandemic, urban submarkets expected to provide longer-term upside potential4) The Affordable West - look for midsized cities like Sacramento, Albuquerque, and Spokane  (Go Zags) to see an increase in multifamily activity as these enjoyable cities present affordable opportunitiesCurious to hear any trends that others are interested to see play out.

The market has rebounded so at this point in the RE cycle the numbers aren't that attractive overall.That said, the 1% and 2% rules are basically rough estimates of cap rate. a 2% property is going to mean a +/- 10 cap and a 1% probably about a 7. 10 caps are going to be tough to come by, even during bad times.

Huge rebound.

Fine with smaller metro areas, up and coming or rebounding markets.

Austin has rebounded the best.