Most investors prioritize location.  

That just means they will prioritize offers where the buyer has all cash and the deal is not contingent on any financing.  

I'm evaluating a number of different real-estate investment decisions and am trying to figure out what is the best indicator of returns that I should use to make "apples to apples" comparisons and prioritize my investment choices based on those returns. 

I certainly think it's possible to retire on rental income, but 3-5 years seems aggressive unless you really have a very sizable chunk of cash to start with.As far as paying down mortgages, for the first few years you'll need to decide whether you want to prioritize buying more buildings/units (greater leverage) or building equity by paying down mortgages.If your goal is to reach a certain # of units, you may want to lean toward greater leverage until you reach that number - as long as you do so safely of course (say, no more than 75% loan to value on each property - otherwise you risk having mortgage payments that are so high you risk losing properties if the rental market turns against you in the future).Also remember that unlike credit cards, mortgage payments don't automatically lower just because you pay down the loan balance.

When we're working with clients, we prioritize the ones who we know are going to lead to a payday.

. - Lived in half, rented the other halfWhat I would do differently:- Target homes in a hot market before buying, guaranteeing appreciation- Prioritize my renovation projects better to complete faster; removing unnecessary improvements (based on rent ROI)- Target high-end tenants- Don't pay utilities for tenants.

They really prioritize community-building and getting to know their clients.

At some point you need to prioritize what is important to you.

I'm a Christian and would love to get hooked up with local investors who value Honesty and prioritizing Win-Win Deals with homeowners.  

I'm prioritizing cash flow as opposed to just appreciation since NJ (especially the northern region) is historically known to appreciate in value regardless of location (for the most part).