-------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I work with a lot of MTR investors and what I am seeing frequently with multifamily acquisitions, particularly with new investors, is that they often test the property just like you're mentioning, as a way to dip their toes in the water and see what works in their area and for their personal style.

Roads, water/sewer, city services, heck even just the planning for such is not a simplistic thing for all. 

I looked back at my tax returns when I was doing the conversions from my traditional IRA to my Roth IRA and realized I had converted up to the limit of my standard deduction allowing that amount to be tax free, but the excess above that that I converted each year was at the lowest tax bracket, so while I did convert some money tax free each of those years I DID IN FACT pay more than a few cents in taxes on the amount above the deduction.  

I believe the appreciation will slow/stop in much of the gulf towns on the water because of this.

My clients appreciate that. 10 years ago, people used to offer you lunch, drinks, etc. no one even offers a glass if water anymore.

This requires an income that allows you to maintain your standard of living throughout your life.

Pretty cool.You probably won't find this type of home in Florida or anywhere where the water table is high.

The new standards are yet to shake out I think and it probably does cause some indigestion for investors and agents both. 

As far as features, Rent Redi obviously blew everyone else out of the water.