Developing Evaluation Criteria for Assessing Geography Potential

[Tunde Osilaja]

Hi All --

I'm a relatively new RE investor, and I'm evaluating different locations to build my potential RE portfolio. I live in Chicago, and I'm looking at various metro areas within the midwest to potentially plant some roots and start developing relationships (with PMs, Agents, Contractors, etc.)

My question is, what are the different variables I should look at when choosing the optimal location? So far I've come across the below metrics to evaluated, but what else should I be looking at?

- Rent Ratio, Occupancy Rate, Vacancy Rate,  Equity growth potential (more of a qualitative metric)

I take it return metrics are more property dependent, but are there any return metrics that can give me a good snapshot of a geographic area overall? Anyone have any Midwest metro areas they feel particularly strong/confident about? Any insights would be greatly appreciated!