Out-of-state Investing

I haven't really thought about investing in out-of-state properties at all, but the idea came to me this morning as I was daydreaming about my youth in West Virginia (okay, don't laugh too hard). I then thought how fun it would be to see how the REI market is in the area I grew up. It turns out I found a 4-plex there that may actually have potential in being an investment opportunity. It's a 2-story, and each unit is 3/1 with sizes ranging from 700-720sf. The blurb says one unit is renting for $240/mo., and the three others are at $265/mo. The place itself is being sold for $65,000, and is located in the city. I emailed the listing agent with a bunch of questions (e.g., seller [HUD/REO/Private/etc.], repairs, tax rate, CMA, rent analysis). If it turns out the seller is willing to go down a bit more and there are no foreseeable repairs, I may become a long-distance landlord (actually, I would get a local property management company to oversee it). Heck for $300+/mo cashflow, I'd be willing to at least try it. :-)