Location, Location, Location and a Bunch of Other Stuff

It's often said that the three most important things in real estate are location, location and location. It's cute, but it leaves out a lot. I would make the list as follows:

- Price (everything is worth it at some price, even though that is sometimes a negative number)

- Location (obviously)

- Fit (Namely with your strategy, are you looking to buy and hold? It better be in a cash flow market. Flip? It better be in a liquid market. Etc.)

- Condition (are you ready for a large rehab or do you want something relatively quick). 

- Terms (Is the property financeable? Can you get financed? Is there a creative financing option?)

- Distance (It's much better to buy close than far, all other things being equal)

- Market (If it's 2007, buying and holding is probably not the best idea, the overall market condition is also a huge factor)

Make sure to keep these things in mind as well as just location whenever investing in real estate.