How to Recognize a Good Deal?

[Devon Young]

I realize this question has been asked and answered many, many times.

However, I just want to know how to recognize a good deal, more specifically in my situation.

I am looking for my very first investment, my idea is to get a duplex, live in half and rent the other half. Pretty standard idea I think. 

I am in Southern Ontario, and I'm looking to buy in the London area. I find all of the duplex's to be very pricey in the areas I would want to purchase in, compared to other areas, for the simple fact that they're around Universities and Colleges. 

My question is, should I not jump right into student rental properties and maybe start with duplex's in a cheaper area? Are student rental properties generally something you have to work up to or am I just not recognizing a good deal when they're coming? 

I realize my question is very broad, but I am completely green, and at this point I'm just looking to find some sort of answer as to why when I'm looking on MLS or Kijiji, that I honestly don't know what I'm looking at or looking for to pick out the good opportunities from the not so good ones.

I wish there were a better way to word my questions but any information would help tremendously, thank you ahead of time!