One metric that I look at is the ARV compared to the neighborhood values.

The crime rate there is low compared to downtown Chattanooga, but I'm not sure if Red Bank is an up-and-coming neighborhood, an established neighborhood, or a place people are fleeing.

Also, recent newspaper articles have stated the fact that FHA approved condominiums can and are losing their approval if the units in the Condo are being used for short term rentals.The short term market is growing and inventory is diminishing but before diving in do your due diligence. 

The neighborhood will really dictate what you can get, both as a purchase and rent.

This could be where you already have a rental, where you have some family or friends that know neighborhoods, or just where the numbers look great.

What neighborhoods do you want to investing?

If you're in a "not so great/hasn't transitioned yet" neighborhood, section 8 is the right choice. 

Simply, there's not a ton of deals here that I'd be able to get a loan for (mostly based on my income rather than down payment) and the ones that I can afford/qualify for are generally in neighborhoods I wouldn't feel comfortable living in. 

In my opinion, you or whoever you are booking for should look at neighborhoods outside of Time Square for availability and price reasons.

There are some cheaper neighborhoods, but they're very tough to retain good tenants in or resell for a good profit.