The surroundings area are much cheaper but are also in shrinking cities.

The fact is that the risk free rates are so low that it causes the investor cap rate to shrink as well.  

Now they have 700,000, and shrinking every year.

A few videos too still shrink wrapped!

Is the local economy growing or shrinking? 

This question is based on my shrinking belief that the amount of appreciation we are seeing will eventually slow. 

Otherwise your initial investment will continue to shrink by about 20-25% per property, or you’ll have to wait for market appreciation before you Refi , which would take years depending on the market.

At this point in time, I would rather bet on a rental bounce locally (not necessarily in the city) based on a post-covid recovery, rather than perpetual shrinking cap rates in those hot out-of-state markets (given that cap rates here are potentially equal or better than those other markets atm, and we may be headed into a higher interest rate environment).That's not to say other markets won't make people money.

It will likely crack and shrink if you did not pre-fill.

If the slope/uneven floors aren't too bad I wouldn't mess with it, just make sure the joists are good and that they haven't been cut or broken, if there has been normal shrinking/settling thats common .