From my experience it seems the sweet spots if you're not wanting to deal with the East side of town is NW Lubbock, homes south of 34th St. but west of University, and homes south of 50th but east of University.

The most affordable areas that most would consider "Class A" are near the University where the most multifamily in the county exists.

This is a college town, as well, with some 30,000 students attending the University of Kentucky and thousands more attending smaller schools.

I have been touring various properties in west (near university city) , north (near temple, brewery town, Francisville) , and south (newbold, bella-vista, point breeze, grays ferry) Philly.

Additionally, since you are earning a good wage you qualify as accredited investor.  

Properties advertised as "University Circle / Case Western area" when they're technically sort of close by but in complete warzones.

I am currently in university for my degree, but would like to get a head start.  

Only because Philadelphia is such a "Block by block" city that some "war zones" share the same zip code as A-B rated areas (Example: 19104 Is the Mantua section of West Philadelphia, but is also home to Drexel, and UPenn (Also known as University City)

Pro's/Con'sSpecifically,  Euclid OH Zip 44123 VS, Cleveland Heights 44121, University Heights , South   Euclid VS.

Here are some other things that could go wrong which may cause failures:Unknown necessary repairs (i.e. sewer lines, roof, etc)Not having cash reserves to cover vacancies / major repairsUptick of crime / vandalism in neighborhoodVandalism of propertyInfestations (pests, other)Bad tenants / No tenants / tenant family issue impacting stay (i.e. death, divorce)Rezoning of school districts / Loss of accreditation of school district Insufficient Property Management (not addressing tenants concerns, no notification of repairs timely - causing further damage, etc)Not following market pricing on rental / raising rent to frequently or too much at onceLegal issues (i.e. tenants sue for injuries on property, taxation, etc) I think you get the idea.