Thanks to all for the excellent information. I am looking for an investment property which will provide a good return from home price appreciation and/or rental income, with the emphasis on home price appreciation.

Are there any specific neighborhoods that you think would be especially attractive to renters? For example, most renters are single or young couples. If a house is close to an elementary school or conveniently located (for transit or shopping), do you think it will be desirable as a rental?