In Colorado we’re lucky to have the best of both worlds: landlord friendly laws (among the top 5 most landlord friendly states for now although trending towards being more tenant friendly especially in the larger towns) and strong underlying fundamentals that drive high overall returns. 

From the ratio of 6 per 100 ppl, it seems the town could support ~200 more.

I like the town and see the potential in the city and surrounding areas.

Like you have a 700k house on a lake in a well to do town in Michigan let's say. 

I am planning on investing in towns north of Fayetteville (Bella Vista, Centerton, Pea Ridge).

It is a very small town, but average home prices are very high. 

Every single town in the area has different rules and I have made contact with many of the towns I am interested in to become familiar with the rules 

When we purchased the property, we assumed the property was inspected by the town and therefore their heating and other fire requirements were up to code. 

.** Small towns may rely too much on a single business or market segment.

Also any insight in what part of town is best to look for properties that I can BRRRR.