Small town market for rental property

My wife and I just closed Wednesday on our first rental. It's a single family, 2 bed, 2 bath. Looking at $5-10k to gut bathroom and fix some flooring in the kitchen. Paid $25k cash. ARV should be $65k-$70k. Rents, based on talking to a friend who has 3 properties in the same town, should rent easily for $650-$700/ month.

I’m looking at pulling equity out with a refinance and looking for my next property.

The town only has population of 7,000, but towns of 100k within 30-45 minutes drive in all 4 directions.

Anybody investing in similar markets out there?

I think there is a lot of opportunity. Curious about other small town investor insights.

I’m thinking of pulling out