I was impulsive in the past, I purchased a preselling condo, the location is in the prime, nearby one of the most reputable school in Baguio and offers overtime payments.

If you are in a smaller town/city you may include a nearby major city.  

Talk to folks in the nearby RE club, REI group and network with them online/offline.2.

Once you have a market selected or multiple, there are also specific areas or submarkets within the selected market that will be best suited to your investment strategy.When evaluating a specific area or submarket I think there are a lot of key factors to consider:- Population and population growth- Average household income and income growth- Crime rates- What are the schools nearby like- # of Units under construction- Absorption rate- Rent growth- Vacancy rates- What employers are nearbyYou want to obviously be as educated as possible on the markets you are looking into so that you can identify the best deals.

@Amar Amarjust curious, (assuming the property is in Germantown or nearby) why do you feel the need to go through rental arbitrage? 

Would that matter if the place where they are staying is really nice on the inside and so is the community but not necessarily a lot of touristy things to do nearby?

Nearby "cleared" parcels are  selling for $15k-20k per parcel without water and septic. 

Just moving to Wichita Falls and was wondering if there are any meetups or events nearby. 

I also looked at hundreds of Airbnb reviews of nearby homes.

However, there are many areas for which there is no available, nearby, and relevant rental data.