Good investment in a dying city?

[Zach Sullivan]

I searched for a few forums similar and not much out there or recent. Does anyone have a story around investing in a “dying city” meaning steady population decrease, steady jobs decrease, and generally not a lot going for it?

The area I’m looking at is by the water and crabbing/seafood is the main industry, not really near major cities. Population has been cut in half since 1950 or so.

Found 2 properties next to each other for sale duplex and 4plex with 6 units(potential for 7th) total. Asking $270k total for both.

Annual rent: $44,280

Vacancy: 5%

Prop mgmt: 10%

Mortgage (taxes&insurance): $21000

Maintenance: $6k a year (always go high before seeing a property)

Lawn, water/sewer, trash: $1600

Getting CoC return at full price of close to 15%. Been on the market a bit so can probably get a deal and make closer to 20% CoC return. If maintenance is $3k a year goes up to 25%.

Also 3 tenants have been there 3-6 years, 2 tenants 1-2 years, and one brand new tenant. Realtor said they usually have a waiting list.

It’s 2.5-3 hours from my house and a “dying city” are my cons. Cashflow is good and cash needed is low which are my pros.

Anyone have similar experience?