I work mainly on the Western slope but becuase nobody has answered yet I will chime in.
It is obviously you are looking to gain max appreciation once the market turns around. How long do you plan on holding the real estate before selling? Are you planning on renting the homes out? I suggest speaking with a property manager in the areas to find out how the rental market is as well.
A great deal on a home can turn out not so great if you can not get it rented out or have to slash the rent to get an occupant.
I alwayse assume that if there are several homes on the market for sale for long periods of time the rental market will be depressed just as much as the R.E. market.