Demographic Age in Tertiary Markets Multifamily Units

[Tj Hines]

BP,

I'm eyeing a 14 unit complex in a tertiary market in Florida with a population of about 25,000. In my education I've learned that the dominant rental age is usually in between 28-35. In this small town I'm eyeing, the median age is 48 yrs of age but the building is currently 100% occupied which more than likely means the rents are under market value. 

With the opportunity to raise rents by doing some exterior and interior upgrades should I worry If I can rent these units out for market value rents once we reposition the project? With the median age being 48? Would this be a factor I need to consider?