At what point does location/potential tenants outweigh $$

[Jim B.]

Hey Everybody-

I'm working on a couple properties and doing my research, and have a scenario I'm looking for opinions on.

I'll give 1 example: 

Fully rented 4-unit in a so-so suburb.  Not a violent part of town, but economically, not so great. 

Cash flow is roughly $170-210 per unit depending on expenses such as insurance and water which I would be responsible for.  I'm trying to be conservative with my estimates, so let's just say $170-180 cash flow per unit.

Now, like I said, the area is not so great.  Not the worst by any means, but I personally probably wouldn't live there!  Median household income is ~$46k, minimal violent crime.  Lots of access to public transportation and there are some very nice areas within 1-2 miles.

Obviously, I would have to take the good with the bad.  This would be my first rental property, so I'm looking to make my first move.  I'm to the point now where I'm wanting to do my first deal like crazy, but also suffering analysis paralysis!  Looking for opinions, good and bad, all are welcome!

[Jesse Waters]

Cash flow sounds reasonable, however, I don't like to buy places that I wouldn't want to live in, both the quality of the property & location.

My litmus test, this may sound cheap or cheesy, but I bring my wife to every property before I buy it and ask for her opinion.  If I am showing it to her then it has already passed my test for numbers, and I want a wife/mother's perspective.