Replacement Cost:  the cost to rebuild the structure from the foundation up with the same kind and quality. 

As a quick-and-dirty approach I use school quality as a way to guestimate neighborhood quality.

At the end of the day the goal should be to make enough to give you an optimum lifestyle but not go overboard and cause yourself more work/hassle if you don't actually need the additional income that comes from it.Increasing the quality of the area/properties should make it easier management wise and if you don't necessarily need the cash flow now could end up ahead in overall return compared to the lower end areas, especially if you use leverage.I think it depends on your source of active income as well and how long you want to continue doing that for.

But prioritize quality here, I'd also tell you to no more MFs & to go get a SFR.

Plus, managing contractors and ensuring quality work can be tricky for someone just starting out.New Construction: The Modern ApproachOn the flip side, new construction offers a different set of advantages:1.

If you can bring that "Institutional Quality" to a partnership, that holds a lot of value.

@Adam Taylor like Jordan shared, I will always recommend working with a seasoned and high quality broker in whatever market you choose to invest.

I'm trying to find out where I can get  a good quality murphy bed. 

I promise to provide their client with quality management services, which will reflect well on the agent that referred them3.

And I of course am looking to attract quality tenants and get the experience of land lording where I can eventually walk away from my w2 before typical retirement age (I’m 31).