Multi-family in a Small Town

[Eswar Reddy]

I am considering purchasing a 6 unit multi family apartment building in Albemarle, NC - which is a small town about 45 mins away from Charlotte, NC. The town has a population of about 15,000. The property has an amazing cash flow and an excellent rental history so far. It's is also a little old so there is an opportunity to renovate and raise the rents. I have so far invested only in bigger cities and towns and have no experience running a property in a small town. My concern is the long term population trends and demand for multi family rental in a small town. Also, if I renovate the units, would the market support the raise in rents?