Should RE Investors Have A Specific Strategy

[Don Konipol]

A specific strategy could be property type based , something like SAY acquiring apartment complexes in New Mexico small town of between 12 -20 units; or method based like owning STRs in vacation markets.  But should all real estate investors have such defined strategies?  What about an investor whose opportunistic, i.e., invests in almost any type of real estate deal that meets his risk/reward criteria.  In other words, if a real estate deal has a high return, with a good probability of success, he doesn’t worry about property type, location, or if it fits a deal “type”.   
Let me know your thoughts, experience, or if you follow a specific strategy or not; also if you follow a strategy but are open to any type real property investment if the return is high enough and the risk low enough.