Investing in medium-sized markets

[Teague Anderson]

Hello all,

 I'm curious to hear everyone's opinions on investing in medium-sized markets.  I'm not sure if there's an official designation, but I would consider medium-sized to be a greater metro area population of about 500,000, give or take a couple hundred thousand.  There is a lot of talk on here about the big cities to invest in, but I find myself drawn to smaller markets.  

I'm currently investing in Chattanooga Tennessee, which has a metro population of about 550,000, and it feels like it's right in the Goldilocks zone of size to me.  It's big enough to support large employers, but small enough that you can become well acquainted with all the smaller neighborhoods.

What do you all think are the pros and cons of markets this size?