What made this property extremely desireable to me was the 1 mi road frontage on two different roads.

Actually sit down and evaluate deals in those markets to see if they line up to your desired metrics.

First of all I put my acceptance criteria clearly in the ad: minimum credit score (enter X amount, 620 is what I use),income 2-3x rent, good rental history, references, no evictions, acceptance dependent upon background check and employment verification, pet policy, desired lease term, etc. so that people will hopefully read that and not come to the open house if they know they won’t qualify.

It depends on a variety of factors: your goals, your time constraints, your available capital, your desires, your timeline, etc.

There's room for flexibility depending on the desired tax strategy.Once you have more than a few properties, you'll want to consider software.

First he needs to decide what he needs and what he desires. 

Compare those owners with younger owners who have higher incomes and more desire to build large reserves for the future with the older folks who won't see the future and you can see the problem.

Do you have the time/desire to be a PM for others? 

On my end, I would never purchase a property that won't produce at lease 1k in net cash flow, and it must be in a desirable area that is expected to appreciate.

Many women fall in love with sexual abusers because they seem completely normal (when not abusing).