Multi family in population declining city

[Judah Menora]

Hi Friends!

I am looking to syndicate a deal in st louis , MO for a multi family property.

While doing my initial DD i found that  St louis has a demographic loss of about 1% a year.

The property is renting below market rent and with Capex put into the units it can be making another 10-15 cents per SF.

I wanted to get a feel for how you all treat population growth/decline when analyzing your potential investments.

Thanks in advance