anybody here ever invested in excelsior springs, mo?

[Jason Malabute]

Anybody here ever invested in Excelsior Springs?

I am working on a 28 unit deal in Excelsior Springs. It's direct to owner. The owner wants $48k per door . The price sounds great, but what concerns me is the 11k population. The population is so small and only grew by 471 people since 2011. Is that a concern or a red flag to stay away from Excelsior Springs as an investor?Will rents pull back during recession since population is so small?

Additionally, the median income where the property is located is $32-40k (the median income in KC is $55k). A lot of the residents in Excelsior Springs work in Excelsior Springs. The biggest local employers in Excelsior Springs are: hospital, Wlmart, hotel, little shops and restaurants. Most of the poverty is in the downtown area and it gets better as you go west (the property is on the. westside).