Investors can change everything about the property but the location. Knowing the economic drivers of a location is crucial to successful real estate investing. While a fully leased property can provide steady and predictable income for the term of the lease(s), the location of the property will dictate the long term success or failure of the investment. All leases end, and when they do, the ability to negotiate favorable new lease terms with the existing tenant or to re-tenant the property will be a direct function of the strength of the property's location. Even if the improvements prove undesirable they can be changed, the location cannot so show special care in understanding it.