FICO, experience, and LTV are also factors but this is the basis of the loan.

Factor in accurate, but worst case scenario numbers.

I may be 19 but that does not have any factor in how I efficiently operate my business, as you can see.

Make sure we're accounting for the appreciation, cost of the sale, cost of the purchase and one of my favorite factors, the risk.

Note: I'll caveat: I believe that other factors should be considered when analyzing the market as well (i.e. economic growth/stability, low crime rate, affordability, etc.)

That is something that is growing due to the limitations of STR.MTR is something that will help you but you will have to be a bit flexible in the times that you are planning to come in.Management is cheaper than STR, but you have to consider other factors such as close to places where those MTR are in need.

There are markets that have built in "gotchas" like the rising cost of insurance in coastal FL, regulations in much of the west coast states and property taxes in Texas; however, the deal itself is the most critical factor.

Look at the economics / population rates & other driving factors pushing the market into the future. 

Well worth the money, plus you will have already factored that expense in to your cash-on-cash requirements to justify a purchase decision)4. 

Detroit is appreciating rapidly, due to many factors, and it still cash flows or at least allows you to operate near break even.