I would focus on new-build multis because you will be at max rent for LTR and scalable for STR.

Many details you left off though such as are you appreciation or cash-flow focused? 

My wife has focused entirely on residential real estate but now that I am a BDM for a PM company she is also expanding into helping investors. 

He also focuses on getting investors to use their IRAs, or retirement funds to invest.

In terms of feedback from our team, we’re leaning towards buttoning down the hatches, keeping rent increases low, and focusing on maximizing occupancy in our New England markets.

I have not been a fan of the larger property management companies who heavily market without a focus on the local markets they handle.

That should be your focus, not how to purchase the land.  

If you need income from investing than you do need to focus on the cash flow viability, but as you said, both is best.

And proximity to hospitals is key, within 15 minutes is what I seek.When I was trying to determine demand for our area, I selected about 20 listings near the location I was focused on, and tracked them for several months.

Initially, the properties that I buy in another market don't have to cash flow a lot, my metric is $150, as I'm focused on the long term gain when they're paid off  and I have a W2 and am also a realtor.