I grew up in Franklin and went to college in Meadville but have since moved down to Pittsburgh for work (actually writing this at my childhood home). Houses in both areas are extremely cheap but you will run the risk of having lower end tenants because of the area. The area as a whole is declining because there just isn't a whole lot of opportunity for work. People tend to move away after highschool/college. Some things to note: 1) Allegheny College in Meadville requires all students to live on campus for all four years. 2) Houses in Franklin and Meadville take a very long time to sell. 3) Both areas are Victorian towns with a lot of houses that were built during the oil boom. Local governments try to preserve that history so getting approval to alter buildings can be difficult at times.
This is just what I could think off the top of my head. If you have any questions about the area, just ask!
