Narrowing down target market

[Daniel Cody]

Hey friends - My partner and I have identified our 'mission statement' for the type of rental property we're looking to invest in. Cashflow focused, residential 2-4 unit property and are now narrowing down the target markets to focus on. We have it down to 3 or 4 states and aren't necessarily concerned about not being located in these states and I am wondering if there is a stream lined way to research and compare these markets. Currently putting together a sensitivity analysis of the different markets based on metrics like landlord laws, prop tax, insurance, economic growth, vacancy rates etc. Should we be focused on the states as a whole or be looking at cities individually? Curious how the gurus have identified target markets successfully and what the best process for research is. Thanks!