There are a few key factors that make an area good for real estate investing and business:

• Strong job growth and population growth – This drives demand for both residential and commercial real estate. Look at places adding new jobs/companies.
• Affordable prices – Look for areas where home prices and rents are still relatively affordable compared to incomes. This provides room for growth. Avoid overheated markets.
• Up-and-coming neighborhoods – Transitioning areas where younger professionals or families are moving provide opportunity.
• Business-friendly taxes and regulations – Areas with lower property taxes and more landlord-friendly laws are preferable.
• Access to transit – Areas with good access to public transportation, commuter rail lines, and highways tend to attract residents and business.
• Diversified economy – An area with a diverse mix of industries protects against downturns in any one sector. Avoids one-industry towns.
• Low crime and good schools – These make areas attractive places to live, work and invest.
• Proximity to anchor institutions – Major hospitals, universities, and large employers help drive the local economy.

Do thorough research on job growth projections, infrastructure development, household formation rates, and demographics before investing in an area. Visit the area to assess the lifestyle aspects as well.