You look at the demographics and economics of the area. 

Many people focus on the obvious stuff like raising rents increasing economic occupancy and so on.

Economics?

Choose cities in safe and economically diversified areas with above-average income and population growth. 

You can compute the actual economic vacancy once you see the seller's actual numbers.  

I am currently in my last year of college at Hood College where I am majoring in Business Finance, and minoring in Economics.

I do agree with @Erin Donlan on the limited economic impacts, but this is just devastating to so many that were affected, especially the students nearing completion of their coursework.

I still have baseboard heating so even though the ski season would get good utilization, the economics don't work with the inefficient heating setup.French Broad (local power co) is running a program to sell ductless split unit heat pumps at cost and will finance them.  

Choose cities in safe and economically diversified areas with above-average income and population growth.

Economics of scale really shows if you do your due diligence.