Any advice on how to analyze markets?

[Bob Smith]

I have experience w holding rentals but I'm now just starting to go into buying strategy like brrrr.  My question is for any advice on how to analyze markets.  ex If search for things like best or worst markets to buy or rent etc. I'll find pages like this complete with heatmaps.  

How are they generating/aggregating this data?  

I'm perfectly fine with using data like this but I'd really like to understand and be able to gather and analyze markets myself but really have no concept yet of how to do that.

Any help/advice or a pointer to the right direction is appreciated. :)

[Andrew Postell]

@Bob Smith I have been an out of state investor for over 10 years now.  The single most important piece to success as an out of state investor to me is your network in that city.  Meaning, if Indianapolis has better numbers that Chattanooga...but you have a trustworthy property manager in Chattanooga...then you are to go with Chattanooga.  No matter what the data says.  When you invest out of state, you are placing an ENORMOUS amount of trust in your vendors.  You may never even see your asset - how do you know if someone is going a good job or not?  You need a network of good people that you trust implicitly. I would suggest to think if you know anyone in any markets first and start there.  Hope that makes sense how I am describing it.