I want to break that down by area code to be able to tell what areas investors are targeting.

Not everyone realizes that it's possible to acquire real estate for so cheap or they figure that it's probably not going to happen for them anytime soon in their target market because demand is so high.

If that's the case , of course the Bank is going to tell him to go pound sand!  

In large cities, identify neighborhoods that are close to public transportation, as they will become prime targets as population explosion in urban centers continues to push people outward.

Outside of ARV's and basic area details....what are some other important factors, data, numbers, demographics etc - I should have a good grasp on when considering an area to target?  

To see whats really happening with downspouts,gutters and puddles you have to BE there in a huge pounding rain,,,just no other way. 

Ask neighbors in the target area if they know of anyone looking to sell.

Does your target buyer value yard space?

The realtor was friendly, but he seemed to be looking for a particular response.After he opened up to me, he asked me if I was targeting this property because of his spouse's death.

We also intend to airbnb out the finished basement and top floor when I am out of town for work (majority of the time) to hit our target 4000 rental income per month.