To ID markers with both, look for both.At market level verify industry diversity,    review masterplans, ID path of growth, economic development incentives, top 10 major employers.Neighborhood level: crime rates, renter vs owner ratio, average income, major employers, vacancy rates, units under construction, quality and type of closest retail, demographics, community tapestry ESRI, most common household formation, etc.There are also things you should be looking at in the subdivision or block the property is located on (ex. renters vs owners, developer and quality and age of housing, ideal housing for your target tenant, etc), but again the things you look for should be based on your specific goals, investment strategy, and investment criteria.

There may be pitfalls there.And finally, check the jurisdiction in which the rental is located to see what, if any, restrictions there are on the number of pets in a household. 

What are the issues with buying condominiums for rental income?

I'm new to investing and wanted to see if condo's or town houses would be the best place to get my feet wet. I'm looking to buy and hold and looking for cash flow. I know these type of properties don't appreciate like...

The problem I see is the definition of commercial loans backs that up but the definition of residential has a potential loophole:According to 12 USCS § 5102 (8), the term residential mortgage loan means “any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling (as defined in section 103(v) of the Truth in Lending Act [15 USCS § 1602(v)]) or residential real estate upon which is constructed or intended to be constructed a dwelling (as so defined).”If it is truly for business purposes by a true business theoretically it could be commercial by this definition is my read???

Here are examples from our rental agreement.1.DRAIN STOPPAGES.As of the date of this Agreement, Landlord warrants that the dwelling’s sewage drains are in good working order and that they will accept the normal household waste for which they were designed.

We have a shared coin-op laundry (one washer and one dryer) separately metered and shared by 8 households (2BA/1BR units in an 8-plex), so not exactly the same situation as you, but here are my thoughts.1.

What is the combined income of all adults in your household?

A B&B doesn't sound like a residence but the California Legislature and courts have ruled that "...the Act has been held to apply to operators of motels and hotels; real estate brokers and agents and others engaged in the sale or rental of real property; owners of triplexes, duplexes, non-owner occupied single-family dwellings, and publicly-assisted housing projects; operators of mobile home parks; and condominium homeowners' associations."

Most of the lower income areas I buy in always have someone home because either they can't afford security or it's that bad plus many Mexican lower income households have no bank accounts and hide their money in the house.