Apartment Investing in Small Towns

I am considering purchasing a large Apartment complex in a small town, and wanted to get the BP community's input on such an investment.

Here is the opportunity:

32 units (30/32 rented)

$750,000

11.2% Cap Rate assuming 50% expense ratio.

Built in 1997 - in good condition

The town is about 45 miles North of Columbus, OH (where I live). According to the 2010 census, the population is 2,047 (up from 1849 in 2000 census). There is no major industry in the area, but there is a decent public school system according to the Ohio High School Ratings. Can small town maintain a demand for apartment living? When 4+% of the town is living in this complex (assuming all bedrooms are occupied).

Looking forward to the feedback.

Thanks!