Single family rental in an area with high home ownership

[Aaron Bashore]

I am looking at a 3/1 in South Lebanon Ohio for $150k. It is a small town in a rapidly increasing property value area. 

My concern is that the are has an 81% home ownership and $78k annual average income. Will anyone rent and stay in an area with high home ownership?

i have rental houses in Memphis, TN, Dayton, OH and Toledo, Oh where the population is on the decline but there is a home ownership rate of 50% (national average is 63%). 

The reason I am looking in this area is because it has great schools and a rising population. I am nervous being so invested in the other three cities with shrinking populations. The cash flow in this area is less but I am expecting appreciation where I don’t see any appreciation in the other areas.

Opinions?