Awesome question James! I’ll take a crack at a response. Location plays a huge role in a successful laundromat, of course. The population density will vary pretty widely depending on where you’re located. I’m in Southern California so I like to see at least 60,000 people within a mile radius of my laundromats, and at least 15,000 households. A smaller town or even a smaller metro may not have as many people so close. I’m in a pretty competitive market so I basically look within a mile. I look for the average household income to be right at or slightly under the average county household income. This can vary depending on what kind of laundromat you want to purchase and run, but I prefer to cater my laundromats to solid, working class people. I also look for greater than 50% renters within a mile.
As a side note, I also look to see who the main employers are (the more there are the better, as a location is more stable if there are diverse employers). I also want to see a trend of population growth if possible.
Hope that helps! Glad to answer any other questions you might have!