Andy,Indeed the market here has been competitive lately, so looking to invest in nearby surrounding areas or out-of-state can be an option.

It is right off of a major road and has nearby new builds that recently sold for 260-280k.

How many other laundromats and car wash nearby?

I feel strongly that it's a desirable location (private wooded lot on a river, plenty of nearby attractions) and should be able to do well.I'm planning on managing it myself but want to start off with good processes and methods.

Currently we’re working in our small town on smaller deals with smaller investors.We are negotiating a duplex right now in a nearby town.  

Where, is there water nearby, sewer or septic and is the run down or up hill? 

They're based in the Boston area and likely know folks located nearby.

Spaces for corporation’s visitorsDesign and place flyers at local establishments like laundry mats, hair salons, nail salons, where we know there’s a lot of foot traffic Purchase ads and place in local news papersPost a listing to craigslist, zillow, realtor.com, apartments.com, rentals.com and other websites Hotpads.com or cozy.co → multiple rental listing platformsPartner w RE agent and advertise on MLSCreate a FB ad to target tenants Create a FB pg for rental business, post weekly content to generate following, and post listingsPay close attention to what is nearby and cater to that audience- colleges, military bases, etc.Provide stellar customer service.

I live nearby in Cadiz, KY and lived in Murray while attending Murray State University.

You really want to find a similar home with the same amenities nearby to compare to.