You're going to want to know about the state of the job market in your area, and how it's been for the past year or two (ie: during the worst of the recession). You'll also want to know the rate at which this school's graduates find job placement, and where. If they're mostly going to higher-end spas and reputable PT establishments, then it's going to be a good school. If most of them go work at Massage Envy or something, it's probably not that great.
Ask about their graduates' pass rate for the NCETMB (or the MBLEx, whichever is required for your whereabouts). You don't want to go to a school that makes a habit of allowing people to graduate who aren't capable of passing the boards. The test is not that hard, so if their success rate is under, say, 85%, run away. Screaming, if necessary.
Ask about their clinic and if they allow graduates to work there until they take their boards and/or find a job. Some places will also pay students for their services, after they have completed all of their required practical hours. Which is a nice incentive to keep going, because the minimum practical hours are never enough.