How to rationally select a long-distance market for investing?

[TJ Walker]

I live in Long Island, NY, where hideous shacks cost half a million and only rent for $2000 a month, so I am excited about investing long distance. (My first investment duplex in NY metro is cashflow negative-I hadn't found bigger pockets yet!) Once the decision has been made to long-distance invest, and parameters have been set (SFH, buy and hold), how should one rationally select a market? Why not simply pick the #1 market, which is currently Memphis? Are there other variables that should be considered? If I select the current #1 market, does that mean it is already too late for that market? Is there a way of showing momentum in markets, i.e. finding a market that was #9 2 years ago, #5 last year, #3 this year and will be number 1 in 2 years after I am already in that market? If he first deal can work in a long-distance market, shouldn't one stick with that market? Won't there be numerous efficiencies by staying in the same long-distance market?