Investing In A Depressed Town

[Brodyn Beauchat]

Hi BP community! I'm looking for feedback on a pressing thought I cannot get over. I live in a depressed area mostly consisting of low income families. My biggest and most determined goal for 2018 is to house hack. My town isn't necessarily heavy in crime, but it is a very small community of about 5000 people. The average home is sold around 40k and multi families don't exceed that much. Rents however can vary a lot. I've seen as low as 300 a month and up to 800 a month. After filling in the back story here, my question is this:

Would it be benefital to find a cheaper deal and rehab to get at the higher rents, or find an average deal and do minor repairs to get an average rent around 500 a month? This will be my first deal and I don't care so much to cash flow heavy. I just want to house hack and save my money from my job at the moment so that I can get better ahead for future investments.

Bonus question!

I'm familiar Pittsburgh PA area and in particular the suburbs where I used to live. Its a great area that is growing rapidly. Rents are far higher and the ability to cashlow off of those properties is insanely higher then my home town. However it is much more expensive to buy. Would it be in my best interest to continue investing in my hometown for a bit until I get the experience, or jump to the suburbs (about 1 hour and 30 minutes away from me) after my house hack? 

Thankful for any feedback.

[Alex Deacon]

@Brodyn Beauchat I would suggest stay close to home for now. hone your skills. The uglier the smellier the more more work a property needs the better. You will get the best deals. The downside is someone needs to do the work. Thats a learning curve in itself. Take your time buy right. If you do that you can never go wrong. You have to raise your RE IQ first before you even know what a good deal looks like. I live in Pittsburgh and buy 4-5 homes a month and I still find it tremendously challenging to make the right decisions. I still make mistakes and emotional decisions. I like your approach. Start small and stay close to home for now. Good luck to you. if I knew the market better in Titusville I could be a better help for you.