Price will determine the location.

That is the general statement and a lot goes into determining how much and if it actually makes sense.

Currently, I am just researching the neighborhoods in various states and I guess next big thing is to determine a good management company once I have a property or properties in mind.

Once you have done that, then determine the going cap rate for the type of property you have determined is a needed resource.Once all that is done, sit down with your banker and find out what type of financing package would be available to construct the asset you have determined is the best fit for your spot.

I have already determined where the laundry sits in the house is where I will add the half bathroom, which is the reason for adding a laundry room. 

Deconstruct the finances and verify the rent amounts, income, expenses, and room for growth and then determine the maximum price you can pay and still make it worth it for you. 

@Sam Shueh Another good point, I have been using active listings, market demand, and rentometer to determine rents.

@Dan Romnek A lot of factors go into the determination of what property size we are buying and are "sweet spot" . 

Knowing where to start, with a good realtor, is great for when I start picking up the phone.

I'd pick a svr because it looks way more beasty.