My $0.02 as a former local owner.
Biggest obstacles for Calhoun City as I recall are power limitation well under full Class A along with a directional signal. As i remember, the Vardaman allocation was in a terrible location well SW of town.
Don't know if it is an issue, but WCMR FM at time of a surrender was, I believe, a non-commercial license. 20-mile radius ran through Calhoun City, Houston, and Pontotoc. With no Calhoun City newspaper and WCPC no longer owned by Robin Mathis (an institution!) an owner operator on a budget might make it with WCMR. If you are going to hire out sales, engineering, management, perhaps not. Best love sports, too.