Other markets had no rent declines.  

I declined.

I'm happy to get 1-1.25%.While the 2% rule is hard to meet over the last 15 years I have seen solid appreciation and only a modest decline in the last couple of years.I have also been investing more time looking at multifamily housing because there tends to be a better cash flow for the money invested.

It seems like the city had some issues in the past and census data looks like the area is on the decline, however if you dig through the news stories, there seems to be a lot of growth coming to town in the next 1-2 years, and rents seem to be pretty uniform across the area.

In fact the readjustment of prices in the Bozeman market during that time was healthy, compared with wat happened to the rest of the country, and we rebounded very quickly.In 2008, Housing Predictor Montana Rankings had five Montana cities in the top 25 and two within the top 10 (you may recall that in January 2009, Billings ranked 3rd and Bozeman ranked 9th, placing both cities in the top 10 for US home values appreciation in 2009).Pertaining to Montana real estate prices for 2010, Housing Forecaster had Montana real estate prices dropping an average of 2.5% across Montana, with its top four cities all posting declines: Billings down 4.2%, Great Falls declining 3.6%, Missoula dropping 3.1%, and Bozeman down 2.3%. 

In 2023 M2 declined by 2%, one of the largest annual declines on record.

Always turns out that there is a story, otherwise if the site was easy, it would be built on already.Phase 2 - a little tighter on time spent per deal, still very much in the "I can make it work" mode, but a little quicker to jettison a deal if it didn't work.Phase 3 - present day, generally, I am merciless in declining deals that have the wrong kind of hair on them, have difficult sellers, terrible site issues, impossible zoning, etc. 

If they buy at (ARV - 30%) now, and the housing market declines in six months and they haven't sold yet, they may lose some of their margin.

I'm sure everyone wants to know lolI saw the possibility of declining in the vacation market so went for Metro area near the Airport in the Midwest.

In this scenario there is not likely a declining market.