Investors with knowledge of Philly

[Steve Perkins]

Hello, BP. I've been on the site for about a year, but have really only been here for educational purposes. For the past 8 months or so, I've been working on getting a plan together and getting to a place where I feel I have the finances ready to jump into the REI game.

I live in Denver, where the buy & hold market can be a little difficult to get into.  As such I'm looking at areas outside my state.  I came across a multifamily property in Philly through a turnkey company with the following stats (based on their numbers, not mine):

• 1920's triplex (1500 sq ft.) in 19143 zipcode (a few blocks off Cobbs Creek Pkwy and not too far from Mt. Moriah Cemetery)
• Units are 2/1, 1/1, 1/1 
• This is essentially a gut job rehab and a new roof
• $135,000 purchase price and total rent estimated at $1950/mo
• Estimated monthly expenses (including debt service, insurance, taxes 10% vacancy, 10% repair, and mgmt fee) = ~1200/mo

So, on paper, I'm thinking this looks pretty good.  I don't know Philly.  I expect this is not a great area.  Quick research on the Interwebs shows high rental market, low income, schools aren't good at all.  Does $135,000 sound like a decent cost for a triplex in this area?  Are my assumptions at least close to accurate?  What am I not thinking about?

Any help would be appreciated.