Factor In your costs which have just gone up over the past week (mortgage rates have just spiked quickly by .50) and you are probably looking to net a profit of 40k on a million dollar purchase assuming 200k down.

I'm wondering how the investor analyzes a specific market (what factors make a good or bad market) and where to get the info for the analyses.

Too many factors go into this, and in the end, why does it matter?

The main factor is there is competition perhaps. 

However factor in utilities because if it is in fact "raw land" you have to think about things like sewer, water, electricity, and gas. 

@Brandon MontgomeryIt depends on a number of factors including AGI, projected net income, depreciable basis, etc.

That also will play a factor in which route you take. 

They want to reach it with out it effecting their normal day-to-day lifestyle.

However, like with any investment, it's imperative that you know what you're doing and considers various factors when choosing the most suitable property to invest in.

Using the conventional loan vs FHA and my clients having confidence to not request a unit vacant upon close were huge determining factors in the sellers accepting their offer.