Make sure you factor that in to your proforma.Let me know if you need any help or if you want to discuss further.

The 3 most important demographic and economic factors to look at are 1.

Taxes shouldn't be the only reason to invest in one state/county over another, but they should certainly be factored in.

@Tom Mole, My goal is to have a long term steady income, but given I have about 80K equity locked in, i want to see if I'm making good returns on this, given my income/expenses, what other factors i should consider to calculate returns on this investment.How does higher refi interest rate affect my returns and is it a good return on equity I have?

There are lots of factors that will play into this but we don't know a lot about the property. 

If you were to hold it, it would hit your beloved 1% rule then, but what would it cash flow with all the expenses, financing, and income factored in?

What's the biggest factor in choosing a location?

For this reason I would highly recommend looking at multifamily greater than 5 units (that's the commercial lenders threshold; below that your income and job would be a factor).I am constantly looking in the Atlanta area, and although it might be hard to find a multifamily for ~$366k (the $110k / 30% -->typical amount down), you could always partner or participate in a syndication (crowdfunding).  

One would also need to to know the factors that would most influence your purchases.Do you have a business plan?

Keep in mind that your deal rate will be based on several factors 1) Using a quality list, 2) Getting the attention of your prospect (be creative with your mail pieces), 3) Entice them to call (use good copy - short copy will promote a higher response but less qualified leads and a long copy will promote less response but more qualified leads), 4) Be ConsistentIf you fail at any one of those, you're wasting money on direct mail.