What would make "the right deal"?

[Matt Casey]

Hello! 

I have been studying real estate/analyzing deals for a few years now and waiting to pull the trigger on my first rental property.  Someone asked me the other day what I thought would make the right deal?  I couldn't come up with a response as I guess I don't really know what the right deal is!! The beauty of real estate is that everyone's path is different, and everyone views "the right deal" differently pending their situation.  Some are looking for a quick flip, others are looking for a B&H, others are looking for to be hands-off investors, etc.  

When you begin to analyze a deal, what makes it the right deal?  How do you begin to analyze your deal?  Are you looking for a certain cap rate?  Are you using the gross rent multiplier?   Just curious how others view/analyze a deal from ground zero.  Thanks!