Beginning Strategies for House Hunting

[Troy Lilly]

I rented through college and continue to do so for the past few years post-graduation.  I believe I will be moving within the next 12-18 months to a more populous area somewhere on the east coast.  I have always wanted to get into personal real estate investing and would like to make my first home purchase in my move.  

I am aware of the 5% rule that is a good indicator on whether or not it is financially smart to rent or buy, but I wanted to approach the discussion as if I was going to buy.

So, after the context, my question(s) is: what are some processes that one would go through to start looking for good deals?  Are there any mathematical approaches to take in terms of neighborhood average value compared to the offering price? Growth rates?  I continue to read on this starting aspect but would like to pin down some type of vetting process going in.  I am really just looking for some concrete starting formulas or ideas.  Any advice will be gladly appreciated.

* I do not mind fixing a house up to find value, but with my profession, I do not think I could do a dedicated full flip

* I like the idea of multi-unit homes, living in one and renting the other(s)- I am not well-educating on how easy these are to find available