A property that may not have great cash flow could still be a great performer because of the appreciation factor. 

@Vincent WeselakIt’s a good idea to get an estimate for your insurance costs upfront since this can vary based on the property type and location, and it’s a key factor in evaluating your cash flow. 

Ignore the $1,250 per month because that's your cost of housing, if you didn't pay that on the home you'd have paid that in rent so that's a non factor. 

Brewerytown and East Passyunk could also be worth exploring.Big projects like Bellwether can boost neighborhoods, but they often take time to show results, so don’t count on them as a main factor.

Augusta indeed offers great potential with a strong rental market driven by factors such as population growth and a stable job market.

The factors you mentioned are very important to keep in mind for any investment, but I like investing in areas I know. 

This will help you understand the qualifying requirements, key factors to consider when purchasing, and how to assess whether a property might be a good investment at first glance.

* What are some factors to consider when identifying these hot spots?

Or is it other factors? 

Other factors as well of course: DTI, the LTV, primary residence vs investment property, etc.