Choosing an Out-of-state Market

[Christian Conti]

I currently do not have any properties and live in central Vermont. As I have combing through potential deals and analysis, I have found that a combination of lack of cashflow, high property taxes, shrinking population and virtually nothing to attract potential tenants in much of the state is making out-of-state investing seem like a much better bet to a smaller, beginner investor looking to keep costs low and scale gradually through buy and hold. 

My question for out-of-state investors is how do you decide on a market to target? I feel like I have a good idea of what steps to take once I have decided on a particular market, but I am finding it difficult to narrow it down. Ideally I would like to have maybe 4-5 areas/markets that I can really drill down on and research, but right now I feel like I might as well close my eyes and throw a dart at a map. Can someone offer me some pointers as to where to start?

Thanks!