Cheap purchase in area increasing minimum wage.

[Aaron Vernon]

I am interested in investing money in upstate New York where the economy is not the best,  but also not the worst.  I can purchase properties for 20k that need about 10k in repairs that currently rent for about 400 per month.  I understand that their minimum wage will be steadily increasing over the next few years.  I am trying to figure out if this increase in minimum pay would help or hurt rent prices. Am I missing something in my analysis?  I figure that I'm getting in the market while values are low. Do rents follow minimum wage increases?  Or can they crush job growth?  Will I be holding a worthless property because businesses will just move to another state?