@Joe P. Great advice, thank you - I suppose my real price target is closer to 300-375k (still a wide range and could go higher if I really needed), but I didn't want to exclude any lucky deals I might find.
You're totally right about 'investment vs I'm-young-in-my-20s-and-looking-for-a-vibrant-neighborhood". I think I am trying to straddle both of these lines somehow, which is why I was wondering if doing a refurb or building on a plot might be my best option as I have a lot of "wants"? People have told me contractors are so busy they aren't taking single/duplex unit deals, but others have told me that isn't true you just need to be very careful with whom you hire. Something like a roof deck is "nice to have" and parking I figured I would ask in case there are parts of the city where parking is INSANE (fishtown) vs manageable (Manayunk?).
In regards to my girlfriend - I hope so! We both love each other very much, but due to our family history's we're a bit intimidated by marriage haha (product of multiple divorces!). Her biggest concern is safety and I can't overlook that, it would be wrong of me. I'm a visibly taller/athletic looking guy and lived in several cities before so I feel comfortable (as comfortable as one can while staying alert) in philly, but that isn't the case for her. She does intend to pay rent, probably 25-50% of what the rent would be for the unit we stay in. Which I suppose does lessen my concern a bit about lower than 20% down.
100% agree we need to see the city to decide. When I studied at Temple ~9 years ago, I can't imagine living in some of the areas my friends tell me are red-hot now. We will be visiting the city in August and staying with a family member who will drive us/walk us through all the neighborhoods, but we want to have as much information/advice as we can before going.
@Kevin M. - Thank you very much for the input. Based on my research there seemed to be mixed opinions on the 20% down, but for me the PMI feels like something I should avoid if I can. I'm not hard stuck to HAVING to hit 20% down, but once I start getting a monthly expense in the 2k+ and a PMI that is intimidating because I would be spending more than half my take-home pay if something ever happened long-term with tenants not renting. Secondly, while I have 75k for this home set aside I have another 30-40k~ in various stock I could easily sell that is already being saved towards the next place. Thirdly, this purchase is 100% on my own, if this works well in 3-5 years my GF and I will be purchasing together. Our idea is to maximize profit/cashflow on the first house and start to trade it off to increase our own comfort with each subsequent buy. All this being said - I am 100% open to something if the cash flow is there in a consistent rent area, I'm just trying to err on the side of caution since I do have a decent amount of savings even on top of this 20%(75k) down.
Summary:
From these posts, it seems I should look at a higher price point (300k+) and consider possibly not hitting 20% down if the right cash flow opportunity exists?
With this said, any suggestions about particular neighborhoods or the feasibility of building/refurbing instead of buying a completed unit?
We've even talked about looking for a modern 2 bedroom for us to live in, and then making a quick second purchase for purely investment, like a rental near Temple U (though I didn't include that in the original post to avoid making it too all-over-the-place). Is that potentially a more realistic approach?
I appreciate the advice immensely and I know I am asking some pretty high-level questions! Please advise me in the right direction if anything I am saying seems way off to those of you experienced and on the ground. I think I am in a relatively strong position for my first buy(s), and I want to maximize it.
