Professional Market Analysis

[Mike B.]

How do professionals analyze different rental markets for investment? Is there a standard way to review a remote rental market to determine if the area has good potential for investment? 

We have a rental home in suburban Austin that has increased from $230,000 to over $500,000 in the last 4 years. This is great but we are now running into cashflow problems due to the high property taxes. The home can rent for $2300 a month while I expect to pay $13,000 in property tax for 2022. 

There is a small metro area 45 minutes north of Austin that has what I believe has better potential for generating cash flow, but I want to properly analyze the market before selling our Austin house and buying in this other city. The other market is Killeen, Temple, and Belton. 

Where can I learn how to do a professional analysis of a market like this? Is there a good book I can read?