What metrics are typically stuck to when determining a "good deal" for buy and hold?

[Kyle Overman]

Hey Everyone,

New to BP and I'm excited to get started.

I'm reading through the Beginners Guide right now and am curious to know the thought process behind determining a "good deal" within a buy and hold strategy? For example, within my area do I want to be in the ball park of the comps for dollar per square foot? Is there a general table to stick to when considering the cash flow? Total repair work needed? Asking price? ROI?

I guess I'm confused on whether or not it becomes a gut feeling or if there are facts to stick to.

Thanks for the advice in advance and if I need to clarify my question further please let me know!