If possible get one on town water and sewer, underground utilities and paved roads.Check out the Start Here page http://www.biggerpockets.com/starthereLocate and attend 3 different local REIA club meetings great place to meet people gather resources and info.

Hi Gina  Were you thinking about Dallas or outlying towns? 

I drove an older but decnt truck, ate well but cheaply etc.....Not sure what the labor market is in your area, but around here, small town WI but touristy and industrial, employers are BEGGING for more workers at $10-15 hour plus.

You picked a good town I think but it is not because I have a couple of friends down there!  

I live in a small town of about 2000 people or so.  

I saw a deal the other day on the MLS that I might have made an offer on if I was in town..

This is a Duplex in a town that has more duplexes than San Francisco has homeless people.

Once you buy the whole town can you try and implement laws allowing grocery stores to sell beer?

I currently have all of the landlords for my farm town which is 15 or so.  

Get out of town, literally. 3.5% cap rates just aren't going to cash flow.