It just doesn't fit. 

I bought a SFH in a very nice neighborhood and will have 3 rooms rented in Oct.

I am wondering if I were to invest out of state, should I go for higher cap rate which usually are located in so-so or not too good neighborhood/lower demand or try to sacrifice some % cap rate with better neighborhood/higher demand?  

I went to Southeast High (well the old one) and that is a solid working class neighborhood. 

Forgive me in advance as I'd imagine this question has been asked and answered before, couldn't find it myself.What is the best website for researching cities, neighborhoods, average income, crime stats, average rents, etc. 

Once you have done that, then determine the going cap rate for the type of property you have determined is a needed resource.Once all that is done, sit down with your banker and find out what type of financing package would be available to construct the asset you have determined is the best fit for your spot.

But the guy you are citing doesn't fit the BP profile. 

How do you know what qualifies as a "good" neighborhood, a "good" property, a good price for that property, and other "good" values?

A couple of things:1) Just because you are hearing something on BiggerPockets doesn't make it true for all metro areas or even all neighborhoods of all metro areas. 

You can’t be worried about what the neighbor thinks or what the neighborhood thinks !