Trying to wrap my head around splitting up & combining tables

We have a database for our valves & hydrants for which I'm attempting to
improve in many areas. One such area is the location field can contain a lot
of different information such as Area/Town, Contract, Primary Street,
Secondary Street, County, Misc Info, RR-Xing, Stream-Xing. A lot of the
individual pieces of these records are common and show up on many records,
but needs to be displayed as a single string of text for reports.

Here is my guess on how it should be setup but I could really use some
advice if I'm going about this incorrectly or inefficiently.

tbl_Location: containing, ID, Misc Info, RR-Xing and Stream-Xing and links
to the following tables
tbl_Area: ID, Area
tbl_Contract: ID, Contract
tbl_Street (2 links): ID, Street
tbl_County: ID, County

Setup a form for the tbl_Location table using combo-boxes from other tables
and text & check-boxes for the rest. Then create a column in the Valve &
Hydrant tables for location that creates a single text string (concatenation)
of the various columns from tbl_Location.

Hope I explained that well enough. Thanks in advance for the help.

-- "Imagination is more important than Knowledge. Knowledge is limited,
Imagination encircles the world." ~Albert Einstein