Great deal in terrible location?

[Corey B.]

Is there such a thing? I live in a good area (central NC) with great economy, jobs, and so on. About 2 hours away I'm looking at a deal for $35-37K home that has been modified to have 2 units, back 1 BR, front 2 BR. The listing says long term renters are in place and rents total $600/mo. 

The issue that gives me pause is the economy 2 hours away in this area is pretty terrible. If the renters went away, the pool of renters is *much* smaller and nothing in particular would bring folks to this town other than folks who are already there.

I would need to find a good manager in the area, and also I'd like to put just 20% down and mortgage the rest, but not sure if the banks will do such a small 30 year term....maybe a local bank or credit union?

Other thoughts? BTW first post, and I'm new to BP.