You can do a lot of online searching on the crime, real estate, economics, etc web sites to get an idea of the area you want to invest in.Visit the area personally once you have decided where you may want to invest.Find a real estate agent that works with investors and has knowledge of the area, comps both purchase and rental.Hopefully others that actually did the out of state investing while never living there can chime in and give you more details.

Cost looks at land prices, adds current costs to build/replace, and adjusts based on remaining economic life.Like @Gino Barbaro says, increase NOI.  

It has been along time but here are some of the things to be aware of in Lago Vista and Highland Lake Estates :'- Many lots are not economically feasible to build on due to topography- Some lot may not have water and sewer to the lot and it would be your cost to get them there(I am sure that this has changed somewhat)-City Hall can be a close knit group that can be unfriendly to those from the big city of AustinLet me know if you have any specific questions and thanks for the trip down real estate memory lane !

Anyway, with all these tools I own and with my blue-collar assembly experience that would hopefully show that I know how to use tools and I'm not afraid to get my hands dirty, how should I leverage this to find my first deal in an economically viable way for someone like me who lives off a blue-collar assembly and part-time retail paycheck?

I bet vacancies are likely to rise in Bakersfield soon.Figure out the remaining economic life of the big ticket items (Roof, A/C, Etc..) find out reserves needed every month.Apply some cap rate to find your max offer, make sure your mortgage constant is less than cap rate.Get original lease agreements.Get tenant estoppels.Check bank records or Schedule E's if possible to verify income.Get copies of the last few rent checks.Check permits if it's an older house in Bakersfield.

I'm a big believer in the Milton Friedman school of economics. 

Hey Mike, I was wondering if you could send me some of the under laying economic fundamental statistics you are using to gauge future growth?

I know we are not talking similar markets here nor one you might want to own it being so far away but to me I simply look at the numbers and if a deal makes economic senseor not.

The back home is not in use at the moment because it looks inaccessible/inhabitable (Picture above: I marked it with a colored in blue box).

Wikipedia - List of Metropolitan Statistical Areas You want a stable economic environment; small towns may be too dependent on a single company or commodity.