And, it does Not improve your cash flow as it doesn't change your payment, it actually decreases the annual cash flow by one payment.  

The longer it takes to sell them the lower your return.The largest risk I see is a market slow down, but you are getting away from MFH so that decreases the risk a bit. 

You will be upside down in most cases, so it's likely to be a loosing proposition if you're looking to do buy and hold.You can go into places in the high desert area to find deals, but also the quality of the clientelle will decrease accordingly.

Then as rents decrease you'll see some advantage of smaller operators who will adapt quickly and bring rate in check.

As they slow their spending, demand for products decreases and businesses cut production and lay employees off.

What is the overall % your market has seen as far as increase or decrease over 2014? 

Deductions are not a dollar for dollar decrease in your tax liability, tax credits are.

They are not making more land in Manitou Springs so I don't seeing the value decreasing.

@Mark Ferguson How much of the permit decrease do you think should be attributed to the price of oil for Greeley?

An investor would not want to invest in an area or neighborhood where the value of their investment would decrease over the years, but it is also very difficult to understand what areas/type of living will be popular in five or eight years, let alone fifteen or twenty.