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Just want to test out of my intuition is on the right track..
I won't give away the exact neighborhood or city (it's in Southern California.) You can probably deduce based on my location anyways if you're familiar with my locale.
Assume the following facts are correct even if they do not fully represent reality:
1) Many of the other cities nearby are more upscale and more affluent. The median income in this city is slightly below the US Average.
2) The housing price in this city is about 20-30% cheaper than an identical home in the more affluent cities nearby.
3) The crime rate in this city is a little below the US average although well above the crime rate of its more affluent neighbors.
4) There's a very large immigrant population in the city.
5) Despite all this, the school district in this city is excellent and even a little better than some of its affluent neighbors.
For me, I'd think #5 is key. Although there's a large population of lower-middle class immigrants, the superior education will improve the upward mobility of their descendants. When they (hopefully) go to college, get better paying jobs, then return (even if a few return), it'll likely boost housing prices but that boost might not come for maybe at least a decade.
#5 is key, but why are you assuming that immigrant kids (who go to a good school and presumably college) will want to live in the same neighborhood as their parents, and not the more affluent places (or where the jobs are)? If your other points are correct, it sure looks like a good opportunity for the next 5-10 years, but I would be hesitant to assume anything afterwards.
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