With rentals, building equity in a great location is incredibly important.

At least that's the practical approach.  

As Halloween approaches, Party City is taking on its annual rival, Spirit Halloween, in the battle for seasonal dominance.

An approach you might want to take, is to break down each component of the rehab into its own price per sqft/linear foot/units for both materials and for labor.for example you might find that flooring costs and average of $3.50/sqft labor to install + $3.00/sqft for materials X square feet = cost to refloor+ always add an extra 10% for unforseensSo you would just need to do this for every part of the rehab based on what needs to be done and what level of finish you are going for.keep in mind that some things are measured by sqft, like floor, and others are measured by linear foot, like trim, and some are measured by total area, like drywall and paint, and yet others are measured per each like tubs and toilets.A good place to start with figuring costs is The Book On Estimating Rehab Costs by J.

I am eager to get started on locking in my first investment property and have questions on what my best approach would be.I own my home and have been making slow improvements to it over the last year I have had it.

Thanks, Evan, this is incredibly helpful and exactly what I was looking for.

Any suggestions on how to approach this? 

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Another strategy is to take an elimination approach where you make a list of places you will not invest.

You express a lot of the sentiments I have as well.Yes, it is an incredible deal.