I'd look at population growth and job growth next.Cash flow is not only a function of the rent and purchase price, but also that of your loan value. 

For example, in NC the only dark blue areas are the largest counties in the state, even though Brunswick (Wilmington NC) and Pender Counties are growing faster as a percentage of population increase.

You might as well scale up & get the largest house you can comfortably afford

As far as investment strategy goes you'd again want to consider what kind of market you're in -- but a personal favorite to start with is definitely House Hacking as that should lower or get rid of most peoples largest expense in Housing -- leaving you with more money to save to invest!

However, if you elect to own the real estate in your personal name, creating a separate LLC to perform property management functions and to collect rent provides absolutely no added protections.

We are also the largest city in South Dakota so we are attracting a ton out-of-state people moving here to avoid all the politics. 

If your only goal is just to find more deals, then Loopnet serves the same function but for free.

Purchase price: $270,000 Cash invested: $100,000 We recently closed a successful investment deal on a duplex that we acquired off-market through a strong relationship with one of the largest investors in our town.

For the property management functions there's resources for screening the tenant that's easily accessible from the home page.

I believe most homeowners policies assume you have a functional buildings which you may not, that is where the vacant building insurance comes in.