@Sushil IyerWith my experience, to analyze properties effectively, you can start with resources like MLS listings, Crexi/Loopnet, tax assessor websites, or paid tools like Costar and Reonomy.

You really have to know how to do your numbers.A lot of that may come down to the property taxes.

We did live in the house for 2 of the last 5 years, so we wouldn't have to pay capital gains tax.

I finally sold it for a small fraction of what I paid for it, but I was out from under the HOA fees and taxes which at about $1,700. per year, which is a sizeable sum for me, and as we know, these fees increase every year.Bottom line is, DO NOT purchase property there for an investment. 

Taxes/Expense:   flow through our personal taxes.Questions:a.

Plus financing and tax prep will be cheaper.

What is the current tax on the property?

without comparing property tax and maintenance costs the 1% rule is meaningless.

The next neighborhood over (literally across the street) is pretty nice, but falls in a different township that has higher property tax, and then the next neighborhood (about a 4 min drive and 15 minute walk) is much lower end, and while fine class C-ish area, you can't push rents much, and the village has its own income tax, so you will pay 2% of your net to the village...But back to first comment: take 4-5 days and travel to each.  

I owe no back taxes and I am currently up to date on my mortgage.