My strategy is I buy where people want to live, in a good or bad economy I don’t want to struggle finding tenants.Reading your post it sounds like it won’t be easy finding quality tenants..

Its a oil and gas/fishing economy which somewhat makes me nervous.

If your eager to get into Realestate look into a multifamily apartment buildings that have economies of scale.

@Brian Reynolds  I am one of the many Californians who ended up moving out here although it had nothing to do with the economy/prices/ or jobs (it as a nice surprise when I was employed day 1 of moving though). 

Do you have other real estate investments dependent on the local economy?

I know schools, crime, taxes, economy are some of the big ones that are a must but what else helps you determine whether or not to buy in an out of state market?

When you have several units in the market, I would also try to bundle them and try to offer as a package to the companies, those economies of scale we always talk about.BTW great job with the reposition.

Andrew Jones You paint the entire Midwest with a wide brush, a common mistake I see from investors who refuse to believe there are areas with appreciation and strong economies there.

Is the economy doing OK and is Ohio a good option?

Other investors doing the strategy may be living in a Fool's Paradise that will end without warning (the economy softens, the authorities crack down, whatever).