Rental Market ID - What do you prioritize?

[Lauren Merendino]

When evaluating markets for rental properties, there are a lot of factors to consider: population growth, employment rates, rent to price ratio/GRM/Cap Rate, rent trends, vacancy rates, etc. It's hard to find a "perfect" market that is knocking it out of the park on all these parameters. So, what do you prioritize? What are your non-negotiable factors vs nice to haves?

I'm new to investing in rental properties and I live in one of the most expensive markets in CA.  So, I'm looking to invest in other markets and trying to focus on one or two so that I can build knowledge over time, but narrowing it down is a challenge.  Interested in advice from those of you who have evaluated markets you don't live in.  Thanks!