Real Estate Market Analysis

[Antoine Basquiat]

Hello I am a new investor looking for my first fix & flip or rental property. I have been seeing potential good deals in the NC area come & go before I can jump on 1. Last deal I saw was listed as coming soon, 0 days on market & then pending sale all within the hour. So I have been seeing first hand how hot this current market can be. After this I decided to take a step back & reevaluate my approach. A good friend of mine once told me they rather be a BIG fish in a little pond then a little fish in a big pond. 

So, instead of looking for a great property in a hot market & decided to look for the market that will fit my current needs instead. With this I will need to set specific property criteria & stick to it. But first I need to find the right market. I have analyzed a lot of properties & the surrounding area of a property but never an entire market. So to get some ideas flowing I figured I ask here first.

What different strategies or steps do you take in order to evaluate a new potential market/new area?

Thank You!