Help with analysing vacancy potential

[Dung P.]

So I've found a property that I'd like to purchase as a long term rental in Chapel Hill, Indianapolis. Everything checks out: good neighborhood, schools, nice house, etc. except for the vacancy. 

It seems like any city I look at, there are hundreds of "for rent" properties! How do I know if any property i I look at is able to get renters? 

Am I supposed to ignore that and just go for it if everything else checks out??