First investment property

[Kameron Berget]

Hello,

My wife and are about to invest in our first investment property. A family member has recently listed this their house for sale but offered it to us first as they know we were looking to start delving into investment properties. Our goal is to rent the home and use a local property management company (who we already have a relationship with) to manage the property. 

My question is; What is the best way to figure out the demand for home rentals in a particular area? This town is a small town 2000+ that is within 40 minutes of a major metro location. However, currently there are no homes for rent in the town, only apartments and duplexes. My wife and I are comfortable with the house payment if it had to sit for a bit while we find a tenant but obviously want a tenant sooner than later. Being this is my only risk, what is the best way to gauge the need for rentals in the area?

Thanks in advance!