Instead look at the total return and rank them that way for a more comprehensive list of your properties. 

Conduct a thorough inspection to assess the true condition of the property.High Vacancy Rates: Excessive vacancies can signal underlying issues such as poor management, undesirable location, or an oversaturated market.

The CPA's above seem to have answered your question comprehensively, and just to summarize, you don't necessarily have you wait 5 full years, just fulfill 2 years of primary occupancy *within* the last 5 years. 

As someone with vast rental experience in Austin, TX (and a resident of Dayton), I would suggest really conducting a PFS (Personal Financial Statement) ahead of time - if not already done - in order to better assess your purchasing capabilities, then we can dive deeper into the creative methods.Connect with me to discuss when it would be a good time to talk.

I'm really happy for you, the first one is the scariest, it gets easier to assess deals every time after that.

For older demographics, consider the availability of medical centers, entertainment, and restaurants.Buildings/Permits: Assess the city's growth compared to previous years.Determine if the city can accommodate future supply.Government Regulations: Examine the city's efforts and the type of businesses they are targeting.

There should be a phase 1 and Phase 2 environmental assessment.

I would personally be all over this to assess and work hard to form the opportunity into what you would desire.

I’ve taken my risk assessment up a few notches since we started this discussion.   

Doing it from out of town with no experience can collapse the entire thing if you dont assess reality.