@Roman A Sandlermore important than picking a market is having a plan for building a network.just to be blunt, i think a lot of investors pick a random market using a formula like you did, rather than picking a market where they might have some kind of advantage. 

It would be a "DSCR" loan in the sense that it would need to debt cover, but not the same formula as the 1-4 units (rent/PITI).

But you appear to miss the fact that the third price in that formula is affected by location which includes school ratings.

But to be honest my man- Joe is an awesome dude and means no harm, but I could have taught you 99.9% of the stuff you paid $1,500.00 FOR FREE...ALL HE DID WAS THE BASIC FORMULA (JUST WITH HIS "GOOD ENOUGH" RUSH WAY OF DOING THINGS)1) HE DEFINES LEASE OPTION2) AND DREW YOU IN BE GIVING YOU A SMALL VALUABLE VIDEO EXPLAINING THE STEPS3) LEFT YOU WITH A CALL TO ACTION 4) HE COMPILED ALL HIS VIDEOS (YOU CAN SEARCH THE NET AND GET THEM ALL ANYWAY FOR FREE)...

is there a particular formula that takes all manner of factors, (employment growth, corporation development news, barrier to entry, rental rates, wage growth, etc) into account and spits out an "invest in city X" answer?

No formula can be accurate across the board because even “cookie cutter” properties next store to each other differ as to view, location to the street, topography of the land, lot size, physical condition of the property, past remodeling, quality of the mechanical systems, sunlight, utility bills, past use, etc.  

@David Song @Jonathan Styer good tips, appreciate the input. 

I don't know the exact formulas but I do know that this is definitely used in the determination of the tax for the commercial property. 

Both of these hypotheticals would adjust slightly due to the PMT formula with excel.

Formula & Components DSCR Formula: Net Operating Income (NOI): Income after operating expenses (excluding debt service).