First time Investor w/ Brrrr

[Joshua Watson]

Location is important for rentals. "Location, Location, Location." The first 3 rules. However, as I wait for the right opportunity to arise, and scowering the market daily. I wonder if it's okay if I found a good opportunity, low price, still the cheapest house in the neighborhood, a lot of potential to get fixed up, but it's located in the not so good parts of the city. Should I explore this? It will still go up in value from rehab, would still get a renter... But when selling it may move slower because of location. 

Also, How do you tell the real difference in a Blue Collar Neighborhood vs a Ghetto? Sorry for the odd questions, just really trying to apply everything and get some minor clarity.

Thanks,

Joshua Watson