We continue to double down in these markets with off-market and brokered opportunities where we can get significant day 1 cash flow for investors, value-add and historic migration shifts.  

Gdp rising -> lots of jobs -> rising wages -> in migration -> rising rents -> rising sales -> rising sale prices ....In this case, we’re missing the ENTIRE foundation that leads to rising prices.

Now NY has seen some interesting transitions with COVID, and the great migration of the cities to the 'burbs - this is no doubt even further impacting areas that were already more reactive in natureIt seems like you might be better off to consider a historically flat market, where you would possibly see a higher ROI, and be able to achieve your long term investing goals sooner. 

Finally, migration from CA has pushed up demand even more.

I work with some MEGA funds, that measure acquisition power in hundreds of millions, and they wouldn't even consider a 4 cap unless it had the most amazing and solid condition of near 0 cap-x for next decade or so, such as new built, that's it, with stellar inbound migration.

The seller is now saying the city told them the work was completed but there was a mistake in a data migration and the permits showed up as expired so now they are void.

Look for jobs, migration, and a friendly legal environment first!

I look at statistics online to determine a neighborhood's feel - crime-mapping, migration, etc. and I look (in person) to see if things are being built in the area (grocery stores, etc.). 

If you have other criteria to look for, use whatever resources you can, whether it's vacancy rates, migration trends, etc.Once you have that, developing that "Core 4" as others have mentioned is crucial. 

It's not the end of the world if you have to start fresh but you will just want to be aware of that...additionally, migrating bookings is a pain the butt often especially when you have future bookings and/or deposits in their system.