Below I will list the pros and cons we have with this investment and what obstacles we face.Pros - Demand(80% of this 40,000 population town are renters!)

I think you need to look at things like job growth, population growth, housing availability, and how many houses are being built or refurbished compared to how much demand there is. 

For a rural area with less than 30k population (not to mention the military lowered housing allowance so many military tenants moved back to live on base), I think it's just too much uncertainty to continue trying that area.

I am lucky enough to be buying with cash and rehab.Then refinance on the BRRR strategy I chose Orlando as I have contacts in the real estate industry, as well as population growth and demand on housing

The key for us is positive population growth.

With oil prices down and population numbers slowly going down and or spreading to other parts of the state lenders are being tight on their loan requirements.

I often thoght that Florida is a good place to be because of its diversity and population growth.  

I have no experience, but if you are looking for rentals within an hour or so of Boone there are a number of other towns to consider.Hickory, Morganton, & Statesville all have decent sized populations.  

The population is a little low.  

There are many support personnel, in addition to the regular population of the area, so our tenant base has been vibrant.