Investing in economically depressed areas

[Jack Lupica]

I am looking at a building about an hour outside of Albany New York. It's in a small town of 8,000. Although the list price of the property is $79k, it is currently fully occupied and brings in $2,200 gross rent/month. It is in great condition and wouldn't require any initial repairs. After accounting for all expenses including a management company, it looks like it cashflows around $600/month. There is also a very large garage in the back that potentially could be rented out. 

While the town has low income, it is safe and has a very low crime rate. I do not foresee the property appreciating in value in the future, only keeping with inflation.

Is there anything I am missing here, or is this a good deal? I look forward to hearing everyone's thoughts. 

[Erik Hatch]

At a very basic level the cash on cash return seems ok. But still a lot of effort for $7200