Run the numbers and use the data to drive your decision... 

Hey Folks, Data nerd here.

@Jesse BellavanceThere are a million good sources for data, and it's definitely a personal hobby of mine to run different kinds of analysis on less than normal data sources.One that I have liked recently is: https://k12.niche.com/Sadly they do not have a publicly available API, but you could still crunch small data sets or use a scraper to gather school district info based on zip codes.Charlottesville is a great area.

Looking also for data sources that might list occupancy rates, rental prices, etc. based on zipcodes.  

I'm guessing there is data to support disproportionate use by tenants compared to owner occupants. 

I use a self designed Software program (not for sale) to do all my analysis data compiling.  

In addition to regional market data, which is sometimes dated, this site has local lawyers, accountants, and agents you can call to get a better idea of the markets.

I am always interested in data or personal accounts from others out in the trenches.One anecdotal tidbit I can share...last week I worked with two buyers buying in SE Bakersfield that are commuting to Los Angles.  

I am a Business Analyst/Data Scientist by profession but new to real estate investing.

IMO the data is pretty mixed right now for Bakersfield.