Principle pay down and appreciation are the main drivers behind my strategy, and I focus more on IRR instead of cash flow.

Vehicle expenses are one of the major costs to consider, so living nearby helps reduce those expenses and saves you time.

The Net Present Value of deferred taxes is a big value driver.

I don't know the city well, but seems to be light on demand drivers other than Baylor University. 

Yes, I learned through the BP podcasts that these vehicles are out there. 

.)- Average days on market- Absorption rate- Historical data on rents and sale prices in the area- Population growth- Main economic drivers (industries, individual companies, etc.)- Crime stats... if you know specific zip codes/submarkets that you'd like to target, the best data will come from local precincts. - and more..I'd recommend remaining active not only here on BiggerPockets, but in other valuable RE investment networks that you can find - i.e. local meetups (meetup.com, eventbrite, BP local events). 

Where people want to live will drive rents, revenue, and appreciation. 

If I am buying an investment vehicle that I know is going to depreciate, then it doesn't matter what the market does.

If you want to be completely self-sufficient, you're willing to build an Earthbag home or another building that can be earthquake proofed but can still be run without public utilities, you can spend a ton of money on a well and can have that well water processed to remove contaminated mine crap, you have a great off-road vehicle and you can figure out how to deal with the flooding without redirecting that water onto someone else's land then you can definitely live there.If it's an Investment you're after, give that up.

One of the drivers for me personally before the GFC which caused me to start all over.