I know the population has been decreasing for a while, but what's going in Wilkes-Barre that's leading to such high cap rates (i.e. sellers willing to sell their properties for really low amounts?)

Our agent should be contacting his list of guests that walked and other interested clients to obtain feedback from their walk as well as update them that the price has decreased.  

I am in Real Estate school so I will be getting access in under a month but need something temporary to hold me through.

I will model decreasing or stagnant rents, decreasing occupancy, and increasing cap rates.  

In that situation, if the tenant does something that results in a hard pull of his credit and reduces the average age of his credit, such as co-signing on a new auto loan, then his credit can take a temporary tumble.I would vet the tenant through former landlords and make sure that his income is stable and meets your criteria before renting.

Its possible that you need to watch these properties for 6+ months though as the price will gradually decrease to a reasonable level.

This actually increases your risk, not decreases it.

Sure you'd have decreased cash flow for awhile but then you'd be reducing your liabilities and the total amount that you would have to pay back over time.

Currently, I have a triple net lease so I am paying the CAM/taxes on the entire property since the billboard is listed as a temporary structure.

But they also COULD show that the ratio starts decreasing (or increasing) with larger square footage.