It's likely that many of the strategy all of us employ will differ.  

It is fairly small, only about 100,000 people and the University is the main source of direct/indirect employment.

I plan to employ a buy and hold strategy.

Ex employer of mine took a self store facility that was in bank foreclosure, bought it, gutted the offices and built offices that he rented out to sub contractors and remod companies. he then put an outlet of his company . a flooring wholesaler in the location as a second store and voila built in business.

My wife and I are self employed, hard workers and loyal to our customers. 

My wife and I are self employed and run our current business as an S-Corp to save on self employment tax. 

Technology and virtual employment have increased and it is expensive to live in the NE.  

It will also likely be treated as self-employment income and be subject to self-employment taxes.  

Maybe I could sell it via seller financing to someone self-employed with good credit at a higher rate and pocket the % difference?

My "concern" (if you could call it that) would be around the economy of Stockton (i.e employers there, what the growth potential is, how will an investor get appreciation in their investment) - but, for a pure cash flow investor, comparing it to the Mid-West with similar concerns; I'd say this is a fabulous region to consider.