How to go about knowing my Market??

[Cornelius Dabney]

Hello everyone, Since I have been on this site , I've been hearing one of the important things to do when starting out is to know your Market. My question is what does that mean exactly. Am I suppose to compare mortgage rates in the city area I'm buying in and do I have to compare monthly rent amounts in that area as well since I'm looking to become a landlord?? How do I found what the cap rate, what's a good or bad deal, how not to over spend for rehabbing??? So many questions can someone give me some insight?? Thanks, Cornelius