The first thing to consider is the size of the town. This will determine what level of resources are available here. A larger town will have more vendors and higher likely hood of containing high priced goods. There is however a lot more work that will have to go into a city, with different districts, several taverns, shops, residential areas and everything else that goes into a city. Small towns don’t have as many hiding places but they are often carry a more personal connection and a knowledge of nearly everyone who lives there. They can also be build rather quickly but still carry a lot of interactivity.
This is the general alignment of the people in the town. The town can still have a mix of evil and good, chaotic and lawful, but overall you would expect most people to act according to the main alignment. A city or larger town could have different alignments based on where you are in the city. For these you will need to determine alignment info for each area.
Many places have a certain product, crop, resource they are well known for and a lot of the economy revolves around it. This is more common in small towns, larger towns could have a couple different things they are known for or simply serve as a trade point for goods from all surrounding areas.