I have a few properties in that area so I am fairly familiar.  

You likely will want to be fairly close to at least one grocery store, and some what close to other amenities like restaurants, coffee shops etc.

Also something to remember is if you do not have a policy written down and you "Pick and Choose" in the eye of the tenant you could be sued for a Fair Housing / Discrimination Lawsuit.. always put it in writing and treat every prospect identical...

Most investors budget 8% for vacancy and 8% for maintenance which I think is fairly accurate to cover maintenance and rent ready cost associated with vacancy.

As far as over paying.... prices are rising so quickly that a deal you may have passed on 6 months ago seems like a bargain today.

Buyers tend to think an auction automatically equals a bargain price and don't even consider what similar homes are listed for on the market.I stopped going to auctions for investment property but I was at an auction about a year ago for a simple 50's built ranch home with no updates and I'll never forget it.

So it's been a few days since I've taken the time to invest in writing on the posts...so for those interested in the numbers on this deal, here goes:The list price was just under $600kMy first offer was accepted at $200kMy two partners and I each invested $20k to purchase the property (1st mortgage)We took a second mortgage of 5-years for the construction (rehab) loan totaling $250kCounty assessed the property at $750kThe fair market appraisal was $450kWe developed a 3-phase rehab of the property which included p-1 to replace parking, repair all roofs above spaces less than 6,000 sq. ft.

In my opinion not a lot of bargains to be found in the immediate area though.

That's a fair question.

I a, also fairly new to the site but currently working on acquiring more rental units in Buffalo and the surrounding suburbs.