I've heard of the 1% and 70% rules, but is there anything else an investor can base their property selection process if there rules don't necessarily apply (or are not possible) in certain markets?

@Cory Lucas tenant selection is the most important thing you do in a rental property.

Then plug everything into an excel spreadsheet. 

No - be careful and patient in selecting your agent.

The appraiser selected by my lender has fail to deliver 3 times on the appraisal.

I am seeing more and more pop up with a little separate income sweet already built in on the first floor that make a perfect little airbnb.When it comes to investor friendly lending, I would start with Troy Howell at Nova, Joe Massey at Castle and Cooke (I used him for both of my HH's) and Jessica Castillo at Bank of America (their grant program is excellent!).

@Wayne Brooks is correct that selecting the right, reliable contractor (preferably a Certified 203k Contractor) is crucial. 

Another thing- being selective of who I let into my inner circle. 

Best bet is to locate commercial brokers around the country for pocket listings...There is also a YouTube channel I believe it's called Commercial Property Advisors or something like that, the guy has some excellent videos on commercial properties.

BP has a good selection of you haven't already checked them out.