Different investors have different risk/reward profiles and that's what drives the whole range of the market. 

Using a combination of assessment data, google street view, count GIS mapping information, and old MLS listings I can usually make a fairly quick screening of each property before going to do a drive-by.

Driving for dollars (or my favorite walking for dollars) is a way to learn to identify potential feals in your area.

But here's a few tips based on similar stuff I'm working on. 1) Drive to or hire someone to drive to every similar property within 50-100 miles.

I've been a web applications developer for the last 12 years, and I'm really excited to mix my tech skills and entrepreneurial drive with some purposeful investing.I have some experience as that typical "accidental landord" and have held my first home as a rental for the last 10 years.

The fact that most of these (almost all) buildings are apartment rentals and not condos for sale, I believe the inventory of condos for sale will still remain low, and will continue to drive the prices up.  

I am much better when I earn my money in a high growth area/job, and invest it in a consistently growing area, a predictable lateral moving and well diversified economy.  

I started part time and did so for a number of years, and never truly allowed myself to "expand" beyond what I knew I could handle, which is fine, but the true growth and learning comes when you decide to jump full time.  

On the west side, go to the bottom of a street called Escondido and start driving up-hill. 

I think the intown markets are more complex and revolve around where the growth "might" go, or is already going.