How do you determine your criteria for your next property? Buy & Hold investors

[David Huynh]

Hello BP,

How do you choose your next investment property from a buy & hold stand point? 

My first couple of properties I got "lucky" because the market was at it's bottom and it was easy to find a renter to slide right in and getting a 10% cap and it was relatively close to my personal residence (10-15 minutes away). 

I will be closing on a 4plex soon that will also have something north of a 10 cap but it is an hour away (which I'm completely fine with) but I feel sooner or later I'll just keep searching for more and better deals further and further away or do not meet criteria.

Do some of you have criteria put into place? In example..

1) 10% cap

2) within 90 minutes 

3) great schools

4) low crime, no sex offenders

5) Cash flow MF - $125/door? $150/door? etc...

6) Cash flow per SFH - $350/door

May some of you post some ideas that I am missing and you've completely used that has benefited you and your success? I do not want to get caught up and miss some pictures. What are your goals and plans for growing your buy and hold portfolio?