Does distance matter?

[Jared Baker]

I have been looking online at various sites to find deals.  I see a lot of decent properties to could be potentially good investments, I haven't run any numbers yet, but my question is does distance matter?

Should I try to find all my deals in on certain area, ie. pick a city and say i won't go any more than 20 miles around it?  Or, does it matter if I get one deal in one city and then find another 45min away in another city?