New to Multi-Family - My Investment Strategy

[Alap Desai]

Hello all! Love all the information on this site, it is invaluable. 

While I am not new to real estate investing, this will be my first foray into bigger projects. Currently my biggest property is a 3-family, but I am looking to get into larger 30+ unit properties, and expand out of NJ. 

Here is what I am basing my search parameters on, would love to hear your thoughts, and I can share my reasoning as well. 

1) States with low pension liabilities (80%+ funded) - this will keep property taxes fairly stable in the long term I believe. 

2) States with stable or increasing population growth

3) 25 mile radius of a 4-year university (10,000+ enrollment)

4) Closer to a major (maybe Top 100?) city. 

Based on these parameters, I have come up with 5 states I think that would be good. Washington, Oregon, Idaho, Utah, and North Carolina. 

Factoring in the colleges, that leaves me with about 25 regions across the country. 

I guess my first question is, what are your thoughts on my high level filters? Once I get into doing more due diligence, I will take into consideration incomes, job rates, transportation, etc. But so far, am I missing anything major? Any reason not to include one? Looking for any input as I begin my journey!

Thanks all.

[Scott Morongell]

@Alap Desai a few other things I would take into consideration is diversification of jobs and to make sure no one sector or company makes up more than 20% in that market. Reason being, if that sector is dying or company starts laying people off, moves, or goes belly up, then you still have enough residents and potential residents left in that market to keep occupancy up etc. Lastly, I would also look for landlord friendly states.