We manage about 350 units of multi-family apartments in Norfolk, VA and are constantly measuring data/market trends as it relates to leasing, PM churn, and growth in the area. 

One thing that would be helpful to investors from the professionals is hard data, the statement numbers don't lie, carries weight as long as we do not make them lie.

If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.

Reviewing data from different sources (check around BP to find those resources) is a good step in the process but I believe that speaking to other investors, realtors, rental managers and other local people is the best way to find out where to invest and where not to invest.  

The city boasts a strong rental market driven by a growing population which could potentially lead to a steady income.

We also rely on our own experience, market data comps and appraisals to determine the fair market value. 

Cleveland's strong rental market driven by a growing population makes it a great starting point ensuring a steady income stream.

I'll search BP for the methodology mentioned by Mr.

Do you have experience partnering up with a Realtor for MLS data?

Yes it does compare PITI to Rent median data.