What are the ideal demographics of an apartment complex if I want low costs yet high rent?

[Cory Mickler]

I have seen a few properties in my area that are attractive. I came across a 6-unit condo style building that currently has 5 of its 6 units occupied and charges $720 a month plus utilities for $380,000 which I thought was a great buy but wasn't able to afford.

Now I am looking at 150,000 range and I have seen a well kept apartments in below average neighborhoods that are still demanding 450-475 a month for rent.

Personally, I want a steady real estate that has long term renters. Is it possible to this with a low end budget or am I better off paying a higher initial investment for a higher return rate higher profits in the long term?