How does one go about determining what a "good" market is to start out?

Someone is making good money in every market.

There's a very good chance the issue(s) you face have already been discussed and answered.Ask questions in the appropriate forum.

And can you elaborate some more about what would be considered good value? 

MichaelAlways good to bump into you.

As are reviews, photos, customer service, management, and so on and so forth.If you have a quality, well located property you can take a bad review here and there. 

Good choices!

Good luck!

In the Reno, NV multifamily market a 5%-6% cap rate is good because of the strong appreciation, job growth, and very limited future inventory.

Those sites are a good starting point, but I wouldn't underwrite anything solely based off those estimates.I would suggest Enemy method - Same bed/baths, Amenities offered are step one, but speak to other operators that have similar properties/amenities and compare numbers with them (That is true data not estimates)How well are you marketing and providing guest experience?