Hey guys, I’m pretty new to real estate investing and just wanted to get some opinions.

In the next few months I want to either buy a place for myself or invest in a multi-family. I have the option to partner with my mother where we would both live in the 2 units and rent the other out for a triplex or live in just the two units if it’s a two unit property. My mother has the income to bear the brunt of the mortgage where I will have most of the down payment. Hopefully a tenant will help absorb some of the cost also.

My problem is that I feel like the market that we are interested in (center city Philadelphia) is way over priced for multi family units. For example, a 3 unit property down the corner from where I live is priced at 669K and would need a total renovation. The area is a desirable area to live in the city, but rents would only be ~1300 a month per unit. These numbers are pretty much the same for other good neighborhoods in center city, with more desirable neighborhoods commanding a higher asking price. I’m just wondering if it’s even worth entertaining the the thought. I feel like the numbers just don’t work, but being new I might be forgetting something.

Any advice would be greatly appreciated.

TLDR is center city philly worth the investment?