Neighborhood Analysis Questions

[Jacob Elbaum]

Hi BP Members!

I've been learning about REI for about 5+ months now and feel just about ready to make my 1st investment.

Sometimes, I will see properties in my area within my price range that are B/C class areas, and want to make the investment, but then second guess myself because I do not know the neighborhood inside and out like some highly successful investors recommend you should. 

Here's my 2 questions: 

1. How important is it for you to know the very intricate details of the area you are investing in? 

2. What are some of your analysis tools and methods (if someone is willing to provide step-by-step, that's awesome!) for going about analyzing a specific neighborhood? 

Thank you guys!

- Jacob