city-data.com is a great site for checking out stats on a placemacro factors to consider:population growth ratediversity and depth of economysocioeconomic and racial diversity of a populationfinancial depth (does locality have good access to capital, plenty of retail banking options, ideally investment banking level of commercial and capital fluidity)past property appreciationother important factors to consider:proximity to where you are and how that aligns with your use PM or self manage strategyactual property analysisfinancial analysisproject /rehab analysisimmediate surrounding area analysisget whatever conversations with locals you can (I've found talking to neighbors can sometimes reveal nuggets of gold)regulatory analysisget some feedback from people that have been through the process in terms of permitting/etccheck public records (my view is that the more available and the more consistent, the better)that's all I can think of for now but all have their importance and from what you've shared what makes you NOT do a deal is far more important than what makes you DO a deal. 

I personally agree with @Kate Stephens on Grand Rapids, even though i might ave some bias:) It is a very diverse area in industry and social aspects. there are also a few other emerging markets withing an hour of GR (Muskegon & Kalamazoo) that may be worth a look in the near future, Just my 2 cents 

Every city has there own land development guidelines that can be very diverse.

Diversity is definitely key.  

The properties are diverse and I've never had a vacant month.

One stop shop for a truely diverse portfolio.

.++ Economy ++- Diversity: No dependence on a single job sector/industry – availability of diverse job opportunities.- Job/Economic Growth: Progressive job and GDP growth over the last 5-10 years, or good reasoning why job growth is expected within the next 5-10 years if it hasn’t been present in the past.++ Real Estate Prices ++- Median Price: How much is an average house worth?

Were I marketing it I would brand it 'ecologically diverse'...

The great thing about the area is job diversity.

Local or not the most important information you are going to find (numbers, returns, DOMs, trends, appreciation, population growth, job diversity, etc.) is going to be from research, not by driving by houses so really the world is your oyster.