Analyzing property location

[Dustin Dummer]

I've been analyzing a 4-plex investment opportunity. The property is in a small nearby town. This entire surrounding area is a vacation driven economy with small populations, and not a lot of professional jobs. The 4-plex is in a lower income (rents $450), downtown area. It is the nicer of the multi-families units in the area. On one hand since there aren't a lot of high income jobs, there is a need for rental units.  On the other hand, low income can create vacancy and potential eviction issues. I understand the importance of tenant screening and management. My question is specifically on the the potential or lack of the investment area based on the location, population, and economic factors. I see this as an "entry level" opportunity but am I better to invest in a lower priced single family home in a different area or just wait for a multi-family opportunity in a different area?