With this current market - this is a buy and hold market. So it is great to see that you are deciding to invest now.. There are going to be a lot fo millionaires and billionaries in 5 to 10 years because of this down market. So neighborhoods will depend on your strategy on how to up keep those properties. Meaning, the distance from your home. If you decide to use a property manager, then the distance will not matter. I believe, if you do not already, you should have your team set up first, then find the property(s). Write down what type of property you want, in what type of price range, what are all the expenses associated with that property, how much rent you would need to collect, now all the things that can help to make that property rent faster (e.g. train nearby, school nearby, near certain employers). Now that you have atleast some kind of questions to ask yourself - now you have to go out and find some opportunities in the neighborhood that make sense for you.