The only factor is what goes into the calculation of costs.

The most heavily weighted factor is what's the value of the the most recently sold, closest and most similar home to yours.

Another important factor is that almost all of them are HUD.

Most states (or lenders) don't require that the Managing entity be formed or registered in the state where the property is located, so the determining factor is more about where you live and will be doing business, rather than where you will be investing. 

The population decline is a very real factor.  I

Cirrus SR 22  I had just bought an NBA basketball players 3/4 finished mansion in Portland Oregon put 1 million into finishes and sold it first day on market for 5 million.. we made    well we made a bunch let me put it that way.. so even though I had owned many airplanes over the years they were used and under 100k each.. this was brand new and I went to the factory In Duluth MN spent a week on transition training and flew it home to Portland  9 hours Hobbs time.  

This is in the Seattle area, so rain is a factor. I

There can be good investments in areas I have labeled bad and there could be bad investments in areas that I have labeled good.Here is the list:Highest risk, highest crime, highest turnover areas:64130 – listed in 2009 as the “murder factory” of Kansas City - avoid64129 - avoid64128 - avoid64127 - avoid64126 – avoidHistoric NE areas:64124 – both good and bad areas for renting64123 – both good and bad areas for rentingKC Downtown:64106 – mostly commercial & condos – great area for rentals and flips64108 – mostly commercial & condos – great area for rentals and flipsMidtown:64109 – both good and bad areas for rentals64110 – both good and bad areas for rentalsWestport/Plaza/Waldo/Brookside area:64111 – great area for rentals and flips64112 – great area for rentals and flips64113 – great area for rentals and flips64114 – great area for rentals and flipsSouth KC/Grandview/Raytown area:64030 – mostly good rental area64134 – mostly good rental area64136 – mostly good rental area64139 – mostly good rental area64138 – mostly good rental areaLee’s summit Area:64081 – great area for rentals and flips64082 – great area for rentals and flipsBlue Springs Area:64015 – good area for rentals and flips64014 – good area for rentals and flipsIndependence Area:64052 – mostly bad rental area64053 – mostly bad rental area64055 – mostly good rental area64050 – mostly good rental area64056 – mostly good rental area64057 – mostly good rental areaNorth of the River Areas:64116 – mostly good rental area64117 – mostly good rental area64118 – good rental area64119 – good rental area64151 – great area for rentals and flips64152 – great area for rentals and flips64153 – great area for rentals and flips64154 – great area for rentals and flips64155 – great area for rentals and flips64157 – great area for rentals and flips64158 – great area for rentals and flips64068 – great area for rentals and flipsI hope this can help some of you new investors and maybe some seasoned investors as well.I'm on my phone so I'm not sure how to reference lol

Yes, you're both right about NOI being the deciding factor, I just don't know the math behind it.

Alternatively, reach out to a rep here on BP and see if they have any info they can provide.If you are going to go the TK route, however, remember that the most important factor is the people you work with.