Market Research - State Level?

[Dan D.]

Hello,

I have decided to invest out of state and have spent the majority of the weekend scouring forums, websites (Zillow, Realtor, Census Bureau, Bureau of Labor, and many more), blogs to put together a spread sheet to "try" and help me narrow down my choices.

Criteria:

Budget $$

Active Listings (I used Zillow data for Feb. Might of not have been the best source)

Population (18+)

Unemployment

Vacancy

I also used Avg. Cap Rates & Rents by Region from Integra Realty, but I'm realizing this may have been better at the county/city level. I also attempted to look at job growth using the Census and Bureau of Labor, but I don't think my numbers actually made any sense.

I have been able to narrow down my list, but I feel as though I either narrowed down due to personal criteria like volume & population or unemployment & vacancy. Example - I eliminated states that were both above vacancy and unemployment, but kept it on my list of it had I high population?

I believe this is what they call "analysis paralysis" - I haven't even started analyzing properties...

TL;DR What criteria do you use to determine a state to invest in? Does it come to a point of personal preference?