"Location, Location, Location" - is this rule still valid?

[Ron Gallagher]

I am a part time buy and hold real estate investor in Washington DC (trying to become a full time real estate investor). I am looking to purchase a new property this year and I am trying to employ some old strategies when buying but I am not sure it is valid anymore.

Washington DC has notoriously bad traffic so I put a premium on properties that are close to the subway, and there's this one property that is a few blocks from a proposed new subway line in suburban Maryland. My old way of thinking was if I buy there, ahead of the new subway, the property will appreciate after the new subway stop opens and I can charge more in rent, etc. I have had success in the past buying in a neighborhood where new subway stops are located and I buy ahead of the new development in that area. Pretty simple right? But I am not sure this is a good strategy anymore.

In a city where Uber pool and Lyft line is just as cheap as the subway or a bus (and you get picked up at your home and you don't have to walk to a bus stop) is being close to a subway stop really that valuable anymore? In DC public transit ridership is down, now part of that is due to the fact that our subway system is/was falling apart, but I suspect a lot of it was because of Uber and Lyft. In a few years we are going to have self driving cars and not only is it possible that an individual won't need to ever take a subway or bus again, we may not even need to own a car. Rather we will just "rent" a driverless car for a few minutes that will show up at our home and bring us to work.

Do you think buying near a subway stop or major bus transit center has any value anymore? When I am looking at properties to buy I value it more depending on how close it is to the subway station, but is that antiquated thinking? Should I reverse my thinking that being close to the subway equals more valuable, and buy the less expensive property now that is cheaper because it is NOT close to subway with the idea that the subway will be obsolete in a few years anyway since local governments won't be able to keep up and compete with fast moving companies like Uber?

What is your opinion on buying near public transit and is location really that important anymore?