If it's not shelter, food, or transportation, don't buy it.

Something close to transportation to New York City, but not so close when the property values are very high.

A transportable cabin that would make a perfect get away in the mountains. 

Do you need to be close to specific highways or transportation lines?

I use data.I first make a list of all the cities I might have heard of, cities that I heard others were investing, etc.For each city in the list I get deeper information, like the price to rent ratios, the crime rates, the school ratings, property tax information, insurance rates, population growth, unemployment rate, transportation options and businesses in the area.Then I take this information and start comparing city to city. 

I'm in escrow with a home that has advertised a 300 sq foot "bonus room", but in actuality it is an enclosed sunroom without insulation and a waffle roof.I asked if it was permitted and the seller doesn't know as they "bought it that way".

Close to the freeways, hospitals and public transportation.

We have a parcel of land that is currently our bus transportation center.

You need to know transportation patterns, topography, and school districts. 

How is public transportation and commute time with in city 3.