“Before, we thought it would be a lot of coffee shops and nail salons because we thought you had to perform everything in the opportunity zone,” she said.

The legislation had already faced criticism because the areas eligible for the tax incentives are not all the same.

Take two neighboring zones in Connecticut, for example. South Norwalk has a booming real estate market, as younger professionals move there and frequent the thriving restaurant and night-life scene. But neighborhoods in Bridgeport, just a few exits up Interstate 95, remain economically challenged.

“South Norwalk is a great opportunity zone,” Mr. Rice said, “but if you’re stuck in the middle of Bridgeport, you could have all the tax benefits you want, but it may not turn out to be a great investment situation.”

Ms. Miller said it was wiser to think about the investment as if it were any other project. “If the project does not stand on its own and the fundamentals aren’t there, it’s not a good deal,” she said.

Michael Tillman, chief executive of PTM Partners, an opportunity zone fund, agreed. “The deals should be the same deals you’d be doing if they weren’t in an opportunity zone,” he said.

That's good advice, whether you are deciding on the location of the property or your investment strategy.