Before the Board issues a license, the Board shall consider and determine as suitable:
(1) the moral character and financial responsibility of the applicant;
(2) the general fitness of the applicant to uphold the public trust; and
(3) the appropriateness of the location described in the application, taking into consideration:
(i) the number of existing licenses; and
(ii) any objections from property owners living in the immediate neighborhood of the location described in the application.