Buy and Hold In North Philadelphia

[Michael Enriquez]

Hello fellow BP'ers! 

My name is Michael. I currently reside in NY but have been considering in diversifying my investment portfolio to include rental properties (this has always been a goal of mine). 

A fellow co-worker of mine currently holds a few properties in the city of Philadelphia and urged that I do the same. On paper the deals appear to cash flow well (including expenses like CapEx, vacancies, repairs, utilities etc...) and I can purchase my first deal in cash utilizing a 401k and 457 plan loan. However, I do have concerns. I haven't visited the areas I've been looking at personally but a Google earth tour reveals a lot of boarded up and run down properties. I grew up in The Bronx (New York) which most would believe to be the worst of the worst but is this the norm for Philadelphia. I've been looking in the Harrowgate, upper Kensington and Richmond neighborhoods and looking to spend no more than 20-25k excluding repairs that may be needed.

Are there any Northern Philly investors here that may offer their insight, share experiences and/or advice?