getting started

I have been studying RE investment since 2001 and finally have begun to get off my butt and do something. The problem is that one thing still escapes me after studying Sheets, Graziosi, Whitney and many others and that is exactly where do I start in analyzing my market? I know everything in investment is just a small step towards a larger goal, I just need to make the first step in analyzing my city Louisville which was recently appointed the #1 major city to live in as far as cost of living. I've noticed that most areas of Louisville have gone down in value recently but a few zip codes have actually gone up along with some of the outer lying suburbs and the entire metro area. I have the basic concept but I don't know exactly where to start and what to do next as the 2nd step. I know once I get on the right track I will be well on my way to success. Somebody please help. Thank you.