Dear Gurinder
I believe that the impact factor should not be so important, I consider it more important to choose prestigious journals for their rigor and historical contribution, I like the list of selected journals in the NATURE INDEX (https://www.natureindex.com/faq#journals)
great quuestion. The importance of the impact factor is, a I see it, still given. But it depends what you want to do with this manuscript, do you need it to submit a grant, or earn a degree? Higher impact factor journals also have higher standards concerning eg sample size calculations or antibody validation. Also think about why a journal has a low impact, is it perhaps new but has prospect to become higher? Some funding organizations also try to move away from rating solely by impact factor. You also need to think about reputation, scope, time to process and requirements of the target journal. Are these fitting your project and your need?
There are different methods to asses a good fitting manuscript: discuss with and ask colleagues, evaluate the worthiness of your project by presenting at conferences, talking to your peers and compare to other papers published in your field. Another option is to use journal finders, where you submit your abstract and receive a result based on algorithms.
Moreover you need to think about who will review me, do the people know me or my PI, do they have a good relationship? Are they working on something similar, that could hinder them to publish? This will also affect the chances.
But still if the time permits, I would aim a little bit higher than I wanted, because it mainly depends on the reviewers and these often review independent of the journal and can be the same. Good luck!