Buying a 5plex. Numbers are great but dieing town. Input?
I am looking to purchase a 5 unit apartment building in a small town in Maine. I am getting a deal at 60k for the building. Appraisal value is 120k. 3 units occupied, two vacant currently. Building is in fair condition and in no need of any major repairs. Everything sounds good except for location. Its in a dieing town. The town has 1 gas station, 1 grocery store, 1 restaurant. Surrounding towns and cities are 10 miles away which isn't bad.
Only thing I am afraid of is getting tenants into this building. But in such a small town you would think people will only want to rent. This town doesn't have much to offer but the numbers all work great if I can keep the building full. Advice?