If you can get the vacancies filled it may work out well, St Cloud State has had a declining student population for quite some time now, that why there are so many rentals advertised near the University. 

Investing in low income cash flow positive real estate in a community that is gaining in population minimizes market risk.  

I've found articles online that say I should be looking for things such as population growth, job growth, property tax, but these are all things that can be found online. 

The demographics of the Chicago land area aren't great given the stagnant population, so I don't know if there will be any real impetus for gentrification in this part.Thanks all

Is there population growth in your area?

@Erin Carpenter Most of my efforts are focused on the Dallas/Fort Worth metroplex which is experiencing tremendous job growth, population growth and a number of corporate headquarter relocations. 

Oh wait - I live in a no income tax state where real estate is relatively cheap, population is growing and we get 250 days of sunshine a year. 

Yet, our population is slowly growing.Since construction is down, that means there hasn't been any real speculation building.

There may be an exception here and there, but overall I don't like it.Like others have said, there is limited inventory with large projected population growth.  

Population trends continue to favor the region.