Essentially, macro is population, economy, job-diversity, etc.Micro is understanding neighborhood breakdowns, gentrification, zoning codes, etc. 

Our economy is pretty diverse  and homes are still affordable based on our local incomes, so the locals can weather the storm a bit easier and are very unlikely to walk away from their homes......

If you're in more nuanced areas with large diversities in value, relying on an AVM is big mistake. 

I'm looking to get more into real estate as I try to expand and diverse my overall portfolio.

I live in Phoenix AZ and in my quest to choose the best self managed retirement account (for me), that I can fill with a few hand picked investments from the NYSE to grow my wealth for retirement with diversity.

I'd also argue that due to our diverse neighborhoods, it's one of the few markets that has profitable acquisition price points at 50k, 100k, 200k......$1M so you have numerous options that align with your budget and plan.  

I would heavily factor those variables (ie vacancy) into my property and market valuation.Many investors are looking at markets more likely to pivot well with changing times and able to weather uncertainties with diverse employment.  

They'll fight with all their might ANY affordable housing and (again in Portland), they can tie a project up for 5 years easy (I work with a non-profit that got shut down for 5 years by a neighborhood TENANT - Not an owner).I'd say study for yourself, since I'm just a broker and not trained in equity/diversity/inclusion issues or studies. 

@Gabriel Menescal I always look for a rent-to-value ratio of 1%; a diverse economy, and a moderate to high rental demand. 

The city is very diverse and offers many multi-family properties with all types of ROI.