Many make the mistake of focusing solely on the acquisition and think that is the key to success but the post-acquisition part of being an investor is equally as important and it is NOT intuitive, especially in Philly.

And like agents do, farming an area for a few months is important.

It is definitely important to have one in there.

The most important question you ask an off-market potential seller is "Where are you going when I buy this house?"

Its extremely important when running tighter margins like what you're talking about to focus on age of HVAC, water heater, appliances, roof, etc.

I think the most important thing that you had in your Cons is location.  

I know my SF policy offered up to $1 million on each but I don't believe Erie policy goes that high which makes the umbrella even more important.

(trying out my newly learned skills, lol) I completely agree with you that it is important to know your market as I'm trying to learn mine right now.

It is very important to work with an agent that has closed HUD deals. 

@Jordan Sachs, I think there has generally been good advice here, but I think one fine but perhaps important point might be getting lost.