Those occupancy rates sound compelling and with a hospital nearby it seems likely that there would be demand.

This is why it's in everyone's  best interest to operate their businesses in a manner that avoids gross negligence conduct. 

By carefully balancing the collateral and ensuring rigorous underwriting standards, it is possible to mitigate potential downsides while capturing the upside potential, providing a compelling investment proposition in a competitive market.Uses of Mezzanine Debt CapitalMezzanine debt can be deployed effectively in several ways, including:- Liquidity Provision: Providing liquidity to set aside interest reserves for first lien lenders and tax and insurance escrows required by the first lender.- Property Improvements: Funding additional property improvements such as renovations, HVAC work etc.- Operating Shortfall Coverage: Addressing operational shortfalls during challenging periods.Objectives of Mezzanine DebtThe primary objectives when using mezzanine debt include:- Project Stabilization: Completing renovations, construction, or improvements and then stabilizing the property with 90%+ occupancy.- Interest Rate Management: Buying time until interest rates normalize or decline.

I saw a very compelling presentation yesterday by Jason Roberts of REI Blueprint.

You've probably heard of big Landlords losing property, but only because they were flagrantly violating Fair Housing, running a slum, or otherwise violating the law in an egregious manner.

is there a particular formula that takes all manner of factors, (employment growth, corporation development news, barrier to entry, rental rates, wage growth, etc) into account and spits out an "invest in city X" answer?

I would wait a while to get them at a discount but with condos, it always feels like a gamble because of future assessments, fee increases and difficulty getting a tenant approved in a timely manner.

For your scenario, there are no one time close options for something like that, but I wouldn't do a 1 time close anyway because they are an absolute nightmare for clients and developers/contractors who actually want to get paid in a timely manner generally. 

While I personally have no use for the model, if you approach it in the manner you're describing I'm sure you will get a lot more attention and traction - especially your last quote: "How do I profitably solve problems for the people I want to work with?"

--comunicating information in a manner that leaves no ambiguity regarding planned or expected actions--seeking (requiring) clear unambiguous answers or responses,--documenting agreements in writing.