Mainly, the systems implemented are fascinating (VA, automated offers, etc.)

Now I am looking at two amazing deals for my family as a starter here in Maine!

I'm sure there isn't an exact formula and it depends on the area and other factors, but if there are rough rules that people follow it would be helpful for me to hear them.Lastly, the cash flow on this property isn't going to be much (after setting aside 5/5/5 for vacancy, repair, and cap expenditures) until I am able to bring the rents up to market rate, so I will be managing this property myself.

Any SJ buyer is factoring appreciation into their math, even if you don't.

So, I think my main struggle is freedom of location opens up the whole country, which multiplies the analysis paralysis effect and makes me less confident in choosing the right area. 

First, your methodology above doesn't factor in the amount of time/effort you and your other money partner put into the job.  

Phoenix is obviously going to be leading the charge on that.The main population segments moving here are going to be:1) Retirees from colder states (Florida #1 destination, Arizona #2) Over 10,000 people turn 65 every day.2) Younger Generations from California (mostly from SoCal - Median home price is double Phoenix's)The main thing that'll keep the ball rolling is young families from more expensive markets like California.

@Kent Caldwell I do mainly Metro Detroit but outside of the city.

I mainly was needing help deciding on whether to start a fund or raise equity on a deal by deal basis and where to start raising funds (HNW individuals, RIA/placement agent, Family offices, PE, Institutions) Below are my summary notes.

In Ogden in particular, condition plays a large factor and it's difficult to get a feel for these properties unless you can see them physically.Also, there's a local Real Estate Investors Association that's a great way to network offline (nureia.org) (Disclosure: I'm on the board).Good luck and let us know if we can help!