Buying in a small market

[Anthony Gayden]

I keep my eyes open for deals and I have been coming across reasonably priced multi-family properties in a small town south of Phoenix in Pinal county called Arizona City. The area itself doesn't have much job or population growth, but there are a few reasonably priced multi-family properties there. 

As an example

4 unit, 2 bed/2bath

Built 1980

$115,000 asking price

rent per unit $450/month, $1800 total

tenants pay all utilities

My main concern is filling vacancies as they occur in a smaller town, and of course there is the issue of lack of appreciation for the property, so it would have to be a pure cash flow move, meaning that I would want to make the deal as sweet as possible going in by offering below the asking price.

If anyone knows anything more about these smaller markets, please advise.