I have been looking for multi family buy and hold properties across southern Minnesota and have found multiple fabulous deals in Albert Lea. I'm not sure if the rental market in the area is just really week or what is going on. Any input would be greatly appreciated!
I would check population growth in the area. I have only been there to visit my grandparents once per year, but my perception is that it is a place for older people and for those who are "stuck". I don't imagine that it's a growing area... but I could be completely wrong (quick Google search appears to confirm suspicions).
It seems like people are wanting to live in the larger cities: Rochester, Minneapolis, St. Paul, etc.