Multifamily in a small town...How small is too small?

[Vince Gethings]

Hi BP, 

I am looking for advice on buying and operating apartments (15-25 units) in small towns. 

Background:

A couple properties came on market in a town about 20-30 minutes outside my normal market. The properties themselves look like solid C+ properties and the financials provided look typical of a mom/pop operation, with some decent upside potential...selling at an 8 cap on actuals.

Now, the biggest concerns I have is that these town are small, 1,700-2,500 population. I'm not familiar with them at all, so I called a couple agents in the area. They confirmed my thoughts that most of the population commutes to the larger surrounding markets and they is little for economic drivers in this town. The demographics and average incomes look solid to support the rents for these properties. 

Questions:

1. Does the size of this market add considerable risk to investing in apartments here?

2. What concerns or factors should I be considering with small town apartments?

Thanks in advance for any helpful comments!