Condos for rent are a good purchase because prices have dropped, but the key demographics for that kind of rental market is pretty much the same ones that have left or are leaving the island (young people, professionals, etc.)

Nationwide, I think it's probably going to cool in the next year or two based on prices vs incomes, raising mortgage rates, demographic trends, housing stock, etc.

So while demographics and competition are obviously the threshold considerations, as @Michael Wagner suggests, the management/expansion upside is where the deals are.  

The rest was PnL, vacancy history, location, demographics, schools, shopping and access to the freeway system.

while great points and doable in CA... you simply do not know the tenant demographic or capacity in these areas of the US>.  90% of these folks don't even have checking accounts..

Millennials.See more here: http://www.businessinsider.com/millennials-turn-30-housing-boom-demographics-2018-4Because?

Swapping a job in Old Navy in a mall for Amazon Fulfillment Centers, is really all about one demographic, college and teen kids that can drive.

With the invention of tiny homes that attract a different demographic, I am hoping this stigma changes.Converting MHP and RVP to tiny home villages is the wave of the future.

Finally, don't forget one of the largest demographic generations in U.S. history (Millennials) has finally hit their peak years for buying houses and starting families.

The most concise argument I have heard is a joint demographic and geopolitical analysis by Peter Zeihan.