My fiance is in dental school for a couple of more years, so we're just now to maintain flexibility until we know where we are going to settle.

@Jenna Herr are schools your only priority?

It should have good schools, a good government that protects private property rights, and a legal system that treats Landlords fairly.

TI...aka Tenant Improvements...your future tenant may want to negotiate different terms for the move in, like a few months discounted rent(this could be on top of the above mentioned vacancy) while they build out the place, or some concession for the Tenant Improvements, if you  have an empty shell it could require extensive work to make it business ready for different types of business, think needing to add bathrooms for a gym(dozens of showers and toilets, lockers, etc) or adding a fully equipped commercial kitchen(walk in freezers, special fire suppression, a few extra sinks or drains) With apartments, I rarely have to do extensive build outs or concessions for tenants, even if I have full on renovation, it is almost always replace the old with same but new, ie tear out old kitchen put new kitchen in same place, same plumbing, just new cabinets, and flooring(if you are at all handy, you can do most of it yourself, or be able to estimate accuracy of bids easily).

See that's the thing...a low crime area with better schools / nicer properties will have much lower cash flow than higher crime areas, but a better chance for appreciation.

I have built up my stock portfolio enough to cover all costs for purchasing my first 4 unit multifamily and will do so once I graduate from school. 

Also, while this home is in an excellent area with great schools, its located on a very busy road.  

Local government workers, hospitals, schools etc.

It will probably be zoned “Residential”, butthe Railroad will not sale it without putting covenants on it, thatno human habitation (home, daycare, school, retirement home, etc) canbe built there.

I just know it's a safe bet with growing population, good taxes, good schools, fair laws.