The two 2/1 apartments were built to be 1750ft2 each at a time when the Borough of Homestead, two streets down, had the same population density as Manhattan has today.As far as the downspouts go, I don't think you're visualizing what's being done correctly. the existing copper gutter is actually being covered, as an integrated part of the roof, hanging within the fascia above the soffit, and new aluminum gutters are being installed at the edge of the roof, hanging outside the fascia.

Lots of job opportunities and population growth!

Based on the questions I routinely answered, there's a substantial segment of the population that has no business changing toliet paper rolls, let along left unsupervised with a caulk gun.Now, if you are the tenant, can you do a professional job of recaulking?  

Nationwide HM lenders may shy away due to smaller population areas. 

Declining population, higher than average crime and low income levels are all the factors that will surely lead to a lot of ache as a landlord and potentially no appreciation in the long run.

That makes sense and that is probably one of the only downsides of those areas is that theyre not close to Walter Reed, those areas are near public transportation but not as densely populated at Rockville, Takoma Park, Silver Spring...etc.I've had a few investors who bought and house hacked in those areas as well as the areas Russell mentioned, if you'd like references please let me 

I would buy it if it is in an appreciating area with good population growth, low tax state, and the building was easy to manage (not falling over with a lot of deferred maintenance).

You will need to get a local, rockstar Realtor, contractor, lender, and property manager. https://www.biggerpockets.com/blog/core-four-real-estate-team As for picking a specific market, I would choose one that has job and population growth with a high median income, and Columbus, Ohio is a great choice.

Population, jobs, income, current supply, future supply pipeline, etc.

As long as that is the case, it will go up in value over time as the population growth is generally faster than the new and newly restored building rate.