How do I Analyze a Market for Small Multifamily (Triplex, 4-Plex)?!

[Ben Finkley]

Hi!

I am looking for a small multifamily property in the greater LA county for my fiance and I to move into this year. My goal is to obtain cashflow and to mitigate our living expenses by offsetting a large portion of the monthly mortgage payment by using the other unit's rents. My question is, how does one analyze a favorable market for an owner-occupied investment.  I'm not quite sure how population and employment data can really tell the story of a property's specific location. Looking for help on practical next steps to help narrow my search.   

Thank you in advance. Looking forward to feedback!

Best,

Ben