Michael,Market's definition is dependent upon the population size in general, but you should also look at the supporting factors such as the infrastructure, job market, etc... 

hey jordan, i'm from st. louis originally and got lured back last year after a couple years in toronto. my wife and i are new to investing, close on our first property (a little sfr in the shaw neighborhood) in a couple weeks. we're in the same ballpark you are in terms of targets. we've been monitoring duplexes pretty closely for a couple months now, and it seems the market for multi-families in the neighborhoods you're hearing about (tower grove south, tower grove east, fox park) is very competitive. university city and clayton might also be areas to consider (near washington university and on our train line). i'm a newbie to investing but an olbie when it comes to stl, so i'm happy to answer questions you've got to the best of my ability. 

@Nick Monge like @Ryan Groene said, you'll want something that's monitorable from afar if you plan on self managing. 

Sincerely,MattIf you are using WordPress you can use the Yoast plugin to monitor Readability and SEO structure.

In general, you look at the MSA population growth, job market growth, major employers, major industries present, whether the infrastructure exists in the area, is supply lower or higher than the demand. 

Per week i could spend less than 8hrs at a property , i dont feel that's enough time to monitor whats going on and i dont have the finance to get a PM.

Consider Reno, Boise, Sac, Sf baY, So CaL, Spokane, Seattle, Oregon all to be with in my reach/comfort zone as far as being able to visit easily to shop and monitor after purchase.

33 Unit - Asking $4350000 - ( I believe I can offer $4120000)Building is %100 occupied Current Rental Income -   $400380Total Additional income  $20698ExpensesReal Estate Taxes $66,695Insurance $8,407Trash $3,534 Electric $2,375 Alarm Monitoring $666 Gas $18,749 Pest Control $1,135Water/Sewer $24,051 Landscape/Snow Removal/Cleaning $12,168Management $34,439  Repairs/Maintenance $16,000Cap EX $20019                        TOTAL EXPENSES $208235NET OPERATING INCOME: $212843Dept service  $195600There is a big rental upsideCurrently the average rent is 1042 per unitComps tell me that if I fix up units @$8000 per unit - I will be able to get $1300 average on a unit.Once all units are done over the building should be able to fetch $6m after 36-48 months 

There are still markets in the United States that allow either the beginner investor, or the seasoned expert to invest at low price points in B class neighborhoods.As real estate prices have generally recovered since the financial crisis, there are still pockets that remain, where if you know what you are doing you can purchase a home for between $60,000 - $100,000 in a solid B class area with infrastructure supporting a tenant and home owner demand (Just ask all of the Midwest folks)These homes range from 2 bedroom, 1 bathroom all the way up to 4 bedroom, 2 bathroom and even duplexes.Price sensitivity is important for many reasons.

Now idea how that would be monitored but if they could find a way I bet they'd get a new level of engagement from those with a lot of experience.I know I have my own questions from time to time but don't really ask as there really isn't a forum designed for and checked by those who have been doing what I'm interested in discussing.