How to determine was a property will rent for
I'm considering buying a buy and hold rental property. It's already in good condition, although small; 2BD/1BA.
Looking at craigslist and padmapper, there just aren't that many apartments in the neighborhood currently listed. I think it'd rent ballpark $1000 to $1200 a month, but $1000/mo gives me a 7% cash on cash return and $1200 gives me a 14% cash on cash return. A very important difference.
This will be my first rental property. Should I only stick to neighborhoods with plenty of rentals listed so I can be more confident in the income it will bring in?