I'm an investor, and I'll take a more nuanced approach. I don't blindly buy into the "location, location, location" mantra. Although location is important, any property on Earth can be a good deal if acquired for the right price. Like Tim, I know of investors who have purchased properties in war zones cheaply, and they lost money on their investments. Yet, I also know of others who purchased in war zones, and they made a killing. Similarly, I know of investors who purchased properties in the most desirable areas, and they lost their shirts too. And, of course, I know of others who purchased in those desirable areas, and they made a killing.
Here's a little dirty secret: the exit strategy is at least as important--actually more important IMHO--than the location.