The food/arts/entertainment has also exploded over the past 5 years!  

During the housing bubble prices were going up because lending standards were so loose, people were buying homes they couldn't afford.  

I have also looked at Eastern PA (East Stroudsburg, Scranton, Wilkes-Barre) where prices are more affordable and cash flow numbers look better, but I am concerned about the economy, declining population, and vacancy rates. 

You can make money in whichever areas you like, depending on what is affordable for you, your appetite for risk and what margins you want.  

Although I can afford to move out, I choose to live at home so that I can continue to save and invest.

I don't have a ton of specifics about the deal at the moment but I do know that the seller is entertaining selling all of the properties including the land they sit on for $250k.

KC is similar to Minnesota.  2 major sports and a thriving arts/entertainment scene.  

Prices in that market is still much more affordable and rent is still great.Some options you might want to think of are turnkeys, or property management as you stated.When you live out of state, is not easy to manage your own property.

I want to know if they can afford the rent and still meet minimum payments on their other bills.Also check with an attorney or take a Fair Housing class to ensure your rental criteria is non-discriminatory. 

If you had investments here you sell them and go to more affordable ground, at least most of the people the want to grow further in the near term.