My goal is long term.

The west coast markets have traditionally been appreciation markets, and if you are not forced to sell and can hold long term, risk diminishes.

However, anyone commuting to west Huntsville/Madison/Toyota plant is not going to live in Hazel Green, as it will be a long commute in rush hour. 

The rest will be leased.How do I determine and analyze a potential location for this development in terms of potential lease rates, vacancy rates, potential area growth, post construction value, etc?

The repair costs will take multiple years to recoup and with the age of the property I'm concerned if it's even worth holding long term or get out while I can before I fall into a money pit and get stuck.  

I usually avoid such youtubers but I am also seeing there are lot of houses sitting in the market for a very long time and the builders inventory is also rising and at some point, they will have reduce the pricess massively. .

Im a former Marine and long time business owner but new to real estate investing.

Personal readiness includes long-term plans, maturity, and market conditions.

I am looking for refinance short term rental.

All good markets to get started in as long as you have a good team in place.