Historically- the one making 5% does better(considering payouts and appreciation of the stock price.)

If there aren't any, look at historical data.

We have in the past only moved to walkable, downtown areas (historic) and renovated those types of homes, but there seem to be very few towns  of that type within our desired purchase price (realistically, we need to stay below 500K) we have some flex with our renovation budget, we do quality updates and are usually very targeted on what will provide returns. 

2) Historical Appreciation.3) Job growth4) Landlord lawsThen weigh each one based on what you believe projects out the best and maybe even were you'd like to visit.

@Jack YoungThe "new" lending criteria in the latest amendments to B-20 are really not "new" so much as a return to the practices of an earlier time.Given the band of interest rates for real estate financing in this country is historically in the 6-9% range, you should be using criteria at lease as rigorous as the new stress test when analysing a potential acquisition. 

Also keep in mind that the new tax bill has done away with the HELOC interest tax deduction; which made them even cheaper historically.

Those cap rates are also an historical floor.My last leading indicator I call MSA dominoes. 

I wish you all the best and hope you do get to buy many historically significant homes in your future. 

Account Closed be a little careful when looking at those historic charts.

Wood windows should stay with the historic homes.It is kinda like taking a 1957 Thunderbird and putting a new engine in it (by the way, that is not a good thing).