So, starting with a budget, and then narrowing it down to the must haves, then the like to, then any bonuses. 

@Andrew Wade first narrow down if you want to be an active or passive investor.

I have it narrowed down to two agents, one has more general experience in the area and are part of a large organization.  

Better yet, spread that $120k in funds across as many rental properties as makes sense.

Try to narrow down your options to the top 3-4.

Some banks can spread your funds around to multiple banks if you carry a balance over $250k and want to have all the necessary FDIC insurance…merry Christmas!

I would just narrow down the markets vs trying to look in 4 markets at once and learn each one it will just be too much info.

A 1031 exchange into multiple industrial properties, a mix of asset types, or even a REIT investment could spread risk while keeping you exposed to real estate.Hope this helps—sounds like you’re in a strong position with good options either way!

-Bill Mcbride newsletter if you want narrow and deep insights about weekly trends in housing -JBRE is a good one for deep dive on housing stats.

I’d factor in insurance costs, resale comps of similar homes in flood zones, and whether the spread is worth the added risk.