First, do not get emotional! You have to think of it purely as a business investment and you need to remember that is a whole different strategy than buying your home.
An investment property needs to fit into your overall budget, it shouldn't impact your savings in a negative way. You have to consider not just the purchase price but all the costs that will take place in the acquisition: would it need any renovations, maintenance, tax rates, vacancy periods, rental management (if applicable).
Second, Do the math! What is the potential Net Operating Income of the property? You will calculate it by subtracting effective gross income and operating expenses.
Third, let's find the cap rate? It will help us determine the rate of the return expected compared to alternatives. We will divide the Net operating income by the current value of the home.
Four, know the area! What is the quality of the local schools, what is the crime rate, are there any future developments happening in the area, etc.
And remember, real estate investment is a long term mindset. Don't wait to buy real estate, buy real estate and wait!