You need to call your insurance provider.They will tell you a list of what is okay and not.Mine no aggressive breeds of animals is permitted or they will pull the policy on all the buildings.Rottweiler,Pitt Bull,etc.Some insurance policies have weight exclusions but some do not.Another important factor is the BITE HISTORY of the animal.If it's deemed a non-aggressive breed but that little dog has a bad history of biting people then I won't take the animal.I don't like pet deposits.You have to hold it like a security deposit.Instead I like a one time "pet acceptance fee" that is non-refundable.The tenants will say the pet won't do anything etc. but the amount of pet deposits that actually go back to the tenant after they leave I would guess is very,very small.You can also get the tenant to pay a pet fee per month.With the pet fee you need to figure out the cost of the unit for new carpet and damage to the base boards.The cost to be carpet,pad, and labor to install plus baseboard finish and paint.Used to you could put a vapor barrier between the carpet and the pad but it would be really noisy.Now if you spend just a little more you can get a scotch pad made out of rubber that is stain resistant.Then when you go to replace the carpet the pad is still good.Have in your lease that the tenant will be responsible for clipping claws,neutering,getting rabies and other shots to maintain the health and well being of the animal,etc.

Thanks @Jeremy Hunter and @Allen HayesAllen, I see now how clarifying my goals is the real determining factor. I

Another positive note is there are 3 factory/manufacturing companies there to provide work. 

As for the job market there is Fairbanks Scales, The Weidman factory, and the hospital for big employers.

I am no expert in rentals and RE but as others mentioned Oil and gas industry is a contributing factor.  I

Another factor is the level of finish - each year we better the standard of finish based on the market demands (i.e. formica to granite, white to black appliances, VCT to ceramic, etc.).  

Another factor is the roof needs to be replaced this year and I'm planning on remodeling the kitchen in the unit we live in, so we were thinking of doing a mortgage with cash out.

That being said, there are deals to be had, especially in some of the areas that are now gentrifying after the Kimberly-Clarke factory was closed down.As for heavy metals, honestly, if you're in the military, and been living in military towns...you've probably already been exposed to worse. ;)  The EPA is doing a bang up job and unless you plan on digging down to the contaminated soil (it's at the waterfront, so not in a residential area) you're probably safe.  

It was built in a Czech furnitures factory, and it sucked something terrible, but it was the only thing customs let me take out - it was too terrible for even Russians, and that's something...I came to Ohio, and somebody felt sorry for me and gave me a very decent case for the violin, cause all I had was a card board box...I went to a string shop called The Loft in Columbus to get the thing tuned up.

I will tell you, a huge factor is the cost of all the permits and fees.