Noise and construction could be an issue.

Things used to be difficult when lots of deals were going to sale, but now with the volume it's pretty easy to keep an ear on all of them.  

I think the concern would be if you get noise complaints called in against you and they dig into it.

Good tenants will often alert property management or owners if there are excessive noise disturbances or items in disrepair.

In fact, they're kind of the one planting the new development bug in my ear.

I personally would rather have a bunch of construction noise for a few months than be out six figures for the convenience of quiet. 

You'll also know rents/prices so you can scroll through and eliminate the noise to focus on potential investments...You should also understand your costs and how the account for them...

Get yourself a really good cleaning crew and they are your eyes and ears on the ground.

You can play obnoxious music at ear splitting decibels until the cops come to tell you to turn it down.

Also, to me the noise is fairly unnoticeable from the inside.Here are my estimated monthly expenses: Accounting Reserve $ 38 Advertising Reserve $ 50 Homeowners Insurance $ 240 Flood Insurance $ 45 Lawn / Snow $ 80 Legal Reserve $ 45 Property Management $ 152 Repairs / Maintenance Reserve $ 100 Supplies $ - Vacancy Reserve $ 114 Pest Control Reserve $ 25 Garbage $ - Sewer / Water / Gas $ 120 HOA $ - Taxes $ 243.95 Capex Reserve $ 83.33 Subtotal $ 1,336 My estimated cap rate is at 4.35% at asking price.