submarket population size criteria: large multifamily properties

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Is there a rule of thumb that any of you follow in regards to submarket population size in a zip code or census tract for different sizes of multifamily properties? For instance if an MSA has a population of 4M people, then for a 50 unit complex what are your minimal submarket population size criteria in a Specific zipcode, census tract or geographic radius, versus that of a 70 or 100 unit property? x number of units per xx of population...

It's relatively easy to get zip code population data, many of which can be very large and may have up to 15,000 people, another 30,000, 50,000+ etc. What do you use to dissect even further?

I have my personal criteria, seeking other points of view

Thanks 

Personally, I would put more emphasis on net migration, employer diversity, job growth, and absorption rate than simply the amount of population in a sub-market. A large population with a ton of supply and development doesn't make for a great investment market.

Originally posted by @Jordan Burnett :

Personally, I would put more emphasis on net migration, employer diversity, job growth, and absorption rate than simply the amount of population in a sub-market. A large population with a ton of supply and development doesn't make for a great investment market.

Please expand on that..