Household incomesGDP per capitaCrime rateProperty taxesNumber of owners vs rentersPrice to rent ratiosvacancy ratesHousing prices.I am wondering if this about covers what I should be looking for in a particular area, or if there are any important factors that I should be considering.

this is tricky, it tends to be a case by broker-case basis, and only a handful of brokers control the bank-owned..yikes......i forgot if the agent can rep. the bank and you, there in NC, if you make offer..Just thinking out-loud and opinion, not telling you what to do, dont know your plan (hold, flip, or your funding):  ...get over there, with a property preservation buddy, assess the repair and upgrades, (unless its already pretty perfect or you feel the agent can give you some accurate idea)...ask agent what he/she can sell for in good condition, confirm.. then factor arv, repairs needed, make offer with 10 day due diiigence professional inspection......are you offering an almost full retail-market priced forclosure anyway, then are you going to hold it for cash flow? 

You might be able to keep some of the security deposit, but this depends on your lease agreement and other important factors and deadlines. 

Just ran a quick search and Fayetteville, NC seems to rank at or near the top when it comes to the rental vacancy rates in NC. http://www.civicdashboards.com/city/fayetteville-n...Could anyone comment on that or is that something you simply factor into your numbers before going into a deal?

Should I improve the property and use as a proof of concept to see if my market can handle a higher rent factor?

I used to say I am a real estate investor or that I owned a real estate investment company, but people either thought that I was a flipper or real estate broker. years back in ulta liberal Portlandia I could not tell people what I did.I was logging ( raping the forests)  I was building subdivisions ( big bad developer ) and I had a courthouse steps buying division ( kicking poor people out of their houses)  so I just said I was in real estate  LOL>  

@Marielle Walter as stated above, Boston and the closely surrounding areas are VERY competitive right now - $5-600k will be tough (factor in your renovations after purchasing too). 

@Brandon Swartwood I would recommend starting with the ULI Guide To Professional Real estate Development.

My friend is a real estate developer who has successfully bought, renovated and sold/rented out a few small apartment buildings in the area (I live in the Bay Area so there are plenty of 4-8 unit buildings).  

They do property development also so they are used to working with investors/developers.