Would this configuration typically attract renters at all?

We have found that our properties reliably attract families with children who stay for years.

You can get top dollar likely, but it still needs to be reasonable and comparable. if it’s a declining town with not many attractions or amenities, then it’s likely there’s no rentals available because nobody wants to live there. mot sounds like you may be describing more situation #1, in which case it’s a ripe opportunity if you can get a deal on a property

Proximity to areas that are more attractive for commercial and industrial development.

Many of these look attractive for the first 5 years of the note but then will have a very possible negative outcome depending on interest rates as of 5 years out.

We are also the largest city in South Dakota so we are attracting a ton out-of-state people moving here to avoid all the politics. 

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Both 12-month + month-to-month and 18-month leases have their benefits: 12-month leases offer stability with flexibility afterward, appealing to tenants who prefer shorter commitments, while 18-month leases provide longer-term stability, attracting tenants seeking predictability.

All adds up to a lot for a first-time investor, so proceed with eyes open.You're also right that small multi-family properties are hard to find because they are attractive to investors.

Again if you can get a deal done on a home for $1, sure then it can make sense but overall for most PML's that I have experience with and that are actually in the game of lending money and not seizing property -- it is not something that is very attractive to them.