Check for the standard 'data center' things such as power, bandwidth, CRACK/HVAC, etc. Once you confirm they have the basics, ask questions -- lots of questions.
Ask them:
- how long they have been in business & who owns it. This tells a lot because they will not stay in business if they are not profitable. Taking a few minutes to do a little research on the owners can save you a lot of hassles down the road. If they have been in court once a year for the past ten years, ask them why.
- if they own or lease their space (don't work with someone that only has a cage in a big DC -- you are too far down the line and will be left in the dark if there are problems)
- if they own or lease their equipment. If someone is leasing all of their equipment, you can run into problems when their lease is up and they are forced to buy it out or send the equipment back to the leasing company
- ask them straight out if they are profitable & how many years they running they have been profitable
- ask them what happens when x problem happens
- ask them when they had their last outage (be specific and say server, rack, cage, data center wide outage), why it happened, and what they did to make sure it doesn't happen again. If they say they've never been out - run.
If you are looking local, ask around, check the forums, do some simple searches, and go visit their facility.
If it is a fit, you'll know it pretty quick. If you do not get the warm feeling, move on to the next one.
Hope this helps.