1. Neighbourhood

The neighbourhood in which you buy will determine the types of tenants you attract. If you buy near a university, Be aware that some towns try to discourage rental conversions by imposing exorbitant permit fees and piling on red tape.

2. Property Taxes

Property taxes likely will vary widely across your target area, and you want to be aware of how much you’ll be losing. High property taxes are not always a bad thing—in a great neighbourhood that attracts long-term tenants, for example, but there are unappealing locations that also have high taxes.

3. Schools 

Consider the quality of the local schools if you’re dealing with family-sized homes. Although you will be mostly concerned about monthly cash flow, the overall value of your rental property comes into play when you eventually sell it. If there are no good schools nearby, it can affect the value of your investment.

4. Crime

No one wants to live next door to a hot spot of criminal activity. The local police or public library should have accurate crime statistics for neighbourhoods. Check the rates for vandalism, and for serious and petty crimes, and don’t forget to note if criminal activity is on the rise or declining. You might also want to ask about the frequency of a police presence in your neighbourhood.

5 Job Market 

Locations with growing employment opportunities attract more tenants. To find out how a specific area rates for job availability, check with the U.S. Bureau of Labour Statistics (BLS) or visit a local library. If you see an announcement about a major company moving to the area, you can be sure that workers in search of a place to live will flock there. This may cause housing prices to go up or down, depending on the type of business involved. You can assume that if you would like that company in your backyard, your renters will as well.

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