Any rural / small town investors here?

[Jasper Logan]

Hello all,

I am new to real estate, currently in the process of buying my first rental property, in a town of just under 200 people about 90 minutes from the nearest major city. It seems like a lot of the online resources and books I've read about real estate are geared towards investors in more urban markets. I'm curious if anyone here has experience investing in smaller towns, and if so, if you'd be willing to share some strategies and advice?

For some context, there is a midsized college town about 20 miles away with a hot rental market, but as far as the rest of the county goes, most rentals that I've seen advertised over the past couple years are either small apartments or trailers, which rent in the $400-$500 range. Meanwhile, AirBnB's seem to do pretty well- especially during hunting season- in the $70-$150/night range.

The property I'm buying is a very large building that I plan to turn into a duplex, with two spacious units. I plan to live in one unit and rent out the other, but without comps, I'm not sure how to price it and I'm a little worried that I'll have trouble finding a tenant. I'm considering going the AirBnB route to start out, but I would have to invest quite a bit into new furniture and decor to get it looking as "pretty" as my nearby competitors.

I appreciate any thoughts you might have, and look forward to learning a lot on this forum. Thanks!