How important is property location for RE investing?

[Eric T.]

Let's say that you're a buy-and-hold investor and you analyze a deal where the numbers work out great. The cash-on-cash ROI is >10% and the cash flow is >$200 a month.

Given these numbers, how much would the location of the property weigh into your final decision of taking the deal? One consideration I'm aware of is what class the neighborhood is. If it's a D neighborhood, I'd probably think twice on the deal. But aside from that, how else could location affect your decision?