How do you first select properties to look at further?

What criteria do you all use to first select some properties to look further at?

I have the MLS, the foreclosure alert, can drive around, etc. But, other than properties that are already listed with MLS at way below FMV, what would I be looking for?

There are SO many listings in this area, I'm just not sure where to start.

Also, do you base your assessment of if they're listed under FMV just based on your personal "feel" for property values in your area? What if you're researching properties in an area that is new to you? How long did it take you to feel like you had a handle on what properties were worth, and how do you learn the little things like which neighborhoods, parts of town, etc., that are better/worse than others?

THANKS!~

Tracey R.