Applying the 70% rule to a specific market

[Louis Van Der Westhuizen]

Hello BP 

I'm new to REI and curious about the application of the 70% Rule. From what I've read, the model cannot be applied universally to all situations, markets or exit strategies. So what circumstances should I consider when using the rule? Is it more suitable to sellers market, expensive markets, certain price points! Using LA vs Memphis for example, which market would be closer to the 70% rule?