Target Market and Running Deal Analysis

[Jacqui Whalley]

Newbie here still trying to learn the ropes and avoid analysis paralysis as I try to refine my target market. 

I know I want to stick to single family homes. I know I want to stick to the BRRRR methodology. I know I want the purchase price to be no more than 100k. I THOUGHT I had a good idea as to where to target our investment market, but now that I'm starting to look at listings in said area and run calculators on them, I find myself doing two things: 1) Running the numbers at list price, then going back and manipulating factors to see what would 'make' a good deal, and 2)Getting distracted by other listings in non target market areas and then wondering if I should be looking elsewhere.

For those of you that can relate, or who have experience, can anyone share what characteristics you looked for in your target area that solidified your decision? In other words, how did you know that your target area was a good one?? 

Second, and more tactically, when using the BRRRR calculator to familiarize myself with an area, should I plug in the list price and see where it lands and move on? Or do you find it worthwhile to go back and tinker to see WHAT a good deal would look like? I'm afraid all of my manipulation might create a false sense of urgency to want to put an offer in when what I should be doing is learning the area like the back of my hand haha

I would love to hear anyone's thoughts/tips & tricks in validating and familiarizing themselves with their market!

[Joe Villeneuve]

Your location shouldn't decide "your market".  The numbers decide them.  If the numbers don't work in the one you are analyzing, then that isn't "your market".