I think you need to listen to everything on your list, but also to take every source you mention with a pinch of salt too. They are all useful in building up a picture, but at the same time they are all fallible as sources.
Local reputation - Important, particularly if parents don't like the school - easy to hear what people's niggles are etc etc.. but reputations can be misinformed. It is also easy for the schools in the nicest areas to have the best reps, when they might not necessarily be the best. Mainly because people only experience their children's schools, so have nothing really to compare it to (escept hearsay from other parents). I say this having worked at a school where the reputation was probably no long deserved and also now teaching at a place, where a rival has got the better reputation, but that's only because it is has got a 'better clientele' iyswim!
Area is important as this shapes the other children who will be going to school with yours and therefore could affect the culture of the school. That said, I have also taught in very middle class schools that have not had a great cultures.
Its also important to get a good feel for the school and the headteacher, but again this is only a snapshot, the Headteacher could be having a bad day; might be someone who is great with parents but not so good with students, or vice versa and so on...
And finally OFSTED are good for seeing the true picture. I know in our recent OFSTED, they were great for really seeing what the strengths and weaknesses are - they do often see below the gloss. That said, they are driven by stats - so you can't get an outstanding if the stats aren't good enough and this is unfair on those schools that have below average students coming into it.
And of course, there are the stats... but these often reflect the socio economic background of the students who go there, the emphasis placed on stats and so on...
So all the methods used are flawed, but that's all we've got - so all you can do is to use all the methods available and take a jigsaw appraoch.