Well, in the real estate rental industry... the "abode" is actually the smallest of what you are looking at and almost meaningless in the grand scheme of things.

If you have the money to float complete rehabs, or even rebuilds, what you want is an area with growth in jobs, and solid rental prices. The house is almost superfluous.

In fact, i can site some properties where having a half broken down house was a blessing, because three units went into the same place with minimal hassles from the building department.