If you have MLS access cross reference that with reliable real estate data (news articles, studies, government agencies) to find where the hot areas are.I'd say it all comes down to knowing your market and your audience.

Once you have it drafted you can simply edit and change the necessary sections based on your deal (when I say this I restrict it to things like the data, the address of the property, the agreed purchase price...anything other than that you'd need to send to an attorney for review again)

I have driven by the property and only viewed the exterior.

Bet on number 7 in the second race if you live across from the track....No really.....One oddball I have read in a couple of books and even online (here and elsewhere) that may have some merit is juding a potential property/tenants by their vehicles....( not the only metric for sure but just one observable factor of many to consider along with all the other data points and best practices).If the place you are looking at has a bunch of older inefficient, beater cars in the lot, this may be a management issue (leaking oil, immobile cars, unsightly) AND also eating up the tenants monthly paychecks in repairs, fuel, etc. 

My local one has lots of historical data to look at.

I didn't add the expenses higher or adjust any numbers, i just entered the data as is in an optimal environment first.thanks, let me know if you would buy and why you would or wouldnt!

That will be driven by  what commute you think your tenants will be willing to make.

This includes in a recent "out of market" area that I spent some time driving and walking around the neighborhood/area, analzying data online of shopping/conveniences near properties, comps, etc. 

From this data, you can utilize a website bestplaces.net that will give you a breakdown of the percentage of homes that sold, in various price ranges, for a given zip code.

He claims to be maintaining it more than he is, and I called him on it saying I had driven by the house weeks apart and seen no change.