Philadelphia investment property advice

[Joe S.]

Hello,

I have an opportunity to make an investment purchase in an A neighborhood in Philadelphia. Zip code is 19127. I would like to get some input from experienced investors in the Philly area. Thank you. 

Description: This is a 2,300 sq ft duplex featuring 1 bi level unit that is rented for $1,400 and another unit with a projected rent of $1,300 (but I would occupy this unit). The building is a new renovation from 1 year ago and features brand new everything including hvac, plumbing, electric, roof, kitchens, baths....everything except the foundation is new.

Purchase price: $315,000 using FHA 3.5% down payment. Total PITI is about $2,150, including PMI.

My thinking is this: I can acquire a very nice building in a great neighborhood right now for a low down payment. To start the cash flow would be low, but eventually when I re-fi I should be able to cash flow $1,000/month. 

Here is where I would like some advice from experienced investors in Philly...Is it worth paying a little more for the new renovation? The alternative is to get an older property and pay less and get more cash flow right off the bat. But it would need updating eventually. Also, renovation is not my strong suit.

Thank you in advance. If you need more information about the property just ask and I'll respond.