How to pick the right IP

Hi all

Just a reminder, I am from South Africa, so things work a little different over here. Although I think the fundamental side of things is pretty much the same.

My question is how do I pick one investment property over another?

I have created a spreadsheet for myself to keep track of some of the properties I have researched. I enter the purchase price, monthly levy, the monthly rates and taxes, as well as expected rental amounts. I then calculate some values (like gross yield, net yield, ROI for the 1st year). I now have data for about 23 properties that I have researched, but I am not sure how to pick the 'winner'.

Which ratios do you use to determine whether one property is better than another? Or do you prefer a less scientific method of determining which is the better investment?

I am in the process of acquiring my first IP, and thinking back I was perhaps a little bit hasty in making the offer. Still getting it at below market value, but the more I look around the more I see deals that might be better. The most important thing though is that I am on my way.

Now I need to make sure that the next IP I acquire is the best of the IP's I have investigated.

Thanks for reading, and hopefully sharing some of your knowledge!