Finding the Right Market

[Cassidy Klundt]

Hello BP Community. Looking for advice on what to consider for my top 3 MF markets. On paper, things like higher rent to price ratio, average cap rates, and high rental %'s in the area seem to be the best data points to atleast steer me in the right direction. Is there a best top 3-5 data points to consider, when trying to narrow in on a market? I know it's a bit of a loaded question, but curious what the best practices and experienced investors say. 

As it stands, I've narrowed down my interest to Las Vegas NV (primary, I live here), Albuquerque NM, and considering Dallas, TX. On paper Dallas seems like a surefire winner, and I know its experienced tons of growth. But do I then worry about hedge funds and large investment type companies as my competition in a market like that? Same for a market like Phoenix? 

Fill me in on what you think!