Buy rental property in location with no appreciation? Upstate NY

[Josh Feldman]

Would you buy a property near a flourishing university with the intention of converting it into a student rental, if the general trend of property valuation is stagnant or slightly decreasing? The population in this area is also declining by 0.91% each year, but I assume that's because of the elder population moving out due to increased student rentals in this area. This particular university has just had the highest rate of enrollment in its history so I am not concerned about vacancy rate. The purchase vs sold prices over the last 10 years have not changed much or at all. Please let me know your thoughts.

P.S., this is my first investment, I am working with a partner who went to this university (who also has never invested), and we both live on Long Island. All thoughts or recommendations are welcome!