You also have to factor the supply and demand portion. 

Here are the reasons why investing in Orange County makes sense: One of the lowest unemployment rates in the nation, A broad based economy, High demand for housing, Perfect year round weather.High median incomesWell educated workforceAbundant opportunities for higher educationFirst class medical facilitiesAmusement parks, recreational opportunities, sports teams and so much more!

How is demand? 

Some of our tenants have compromised health, young children, assistance animals, or are gardeners who are growing organic food.  

You need to also understand the demand of the market.  

Simply ask the bank for a cash out refinance and tell them your intentions.If that's not available, look into blanket mortgages, they are more involved and you can find posts concerning these animals here on BP.

I seem to have much more demand in the summer months, and Im not having much response for a 2/2 condo that I am currently leasing for a Nov. 1 move in.  

If a client has a renovated home near downtown Raleigh, that demands a different tenant than an unrenovated home from the 1960s a block over.

Supply and demand is what it is about.If suburban go out 3 miles.What is WALKABILITY and population levels  for the area?

The downsides I anticipate are lower demand, lower rents, less liquidity/harder to sell, difficulty getting contractors and handymen out there.