@Chris VanAckeren I have not been able to walk through the property and I will not have more accurate information until around Thursday.The repairs I have considers and their factors are as follows:1.

It’s a 1 bed, but I was factoring in a possible conversion to a 2 bed. 

That's what a 2% vacancy factor.

At quick glance maybe the cash flow won't be so great when you factor in vacancy, repairs, cap ex, and property management. if you found the property on loopnet I'm assuming its a multi family.

Some folks (I would say the majority of the real estate investors I've met) just want a lifestyle business or to create wealth for them and their family. 

If the activities rise to the level of a trade or business and you/the entity are/is a dealer with respect to the mentioned properties, the income would not be capital gains but instead ordinary trade or business income subject to SE taxes.I'd recommend you engage a professional to help make the decision (especially if you expect first year net to be $300k), as there are qualitative and quantitative factors that need to be considered. 

Other than proximity to me, what would you say are some other key factors to look for in a neighborhood?

 @Ryan Daigle  Thanks for your detailed reply and highlighting the risk factors.

@Joe Splitrock so what I’m gathering from most of these replies is, trust is a huge factor in this process.

I want to think that amenities of the home, quality screened tenants, the location, and the price point are all selling factors.