@Rahul Dilawri Welcome to BP....you will find this very useful and helpful...With regard to your question I will agree with @Reginald Pintang and @Dhru Das.Definition of 'good area for investment' is very subjective because it can be defined based on multiple factors such as Cash Flow, ROI (for fix and flip), appreciation rate, safety/crime rate etc.Of course it largely depends on your long term goals.

The most important macro level factors that I consider are 1.

Thanks Cerwin, I'll certainly take those factors into consideration.

In my eyes all the renovation costs will be paid from the proceeds of the building so it only becomes a factor when I want to sell?

Anyways, I work a FT job in the legal profession, but it's not something I'd want to do forever.

The price difference between the city and the suburbs seems high but there seems to be a lot of other factors.  

Finally, have you factored in maintenance on the property?

How do you determine a selling price on a rental that is turn-key --- Are other formulas or factors involved for markup?

What are factors that can affect the market?

You may have more repairs and higher turnover rates, depending on your screening and how bad the area is, so you can factor that in.