I'd be looking at multiple structures. we try to build below the average new build cost in our market in Columbus Ohio which is 515,000 last year and we target land 40-50k and urban core adjacent where we get higher price per square foot. we build for clients with margin around $190 a sq ft depending on multi or single. we can get that down in our triplex it's a little higher on our single family homes because of garages and limited economies of scale. hope that helps. idk Philly but if you show me the area and styles of homes I can give you some more insights. 

Quote from @Sam Robbins: Hi,I’m Sam, a new real estate investor in Nashville - I got my first property this pas year, just south of the airport.

I've had appraisers use adjacent town comps. 

We've decided that we'll likely look for something somewhere in Guanacaste because we want beach AND proximity to airport (LIR).We go each August to visit her family. 

I am considering purchasing in Lower Dimond and any of the directly adjacent neighborhoods.

(I also have a small hotel near the airport so great guess!)

I worked adjacent to a couple of rehab teams on the admin side.

Proximity to mass transit (mentioned by another poster re following them), proximity to downtown (maybe not so much now with work-from-home being a thing), proximity to airports, highways, pollution-belching industrial plants, hospitals, universities, the lake, etc., all help to define which South side neighborhoods have what it takes to overcome market inefficiencies and become "up and coming."

I wouldn't touch Franklinton with a 10' pole on the existing inventory side. gravity 2 is being auctioned and sold by the developer the area didn't support office developer lost millions:https://www.bizjournals.com/columbus/news/2024/12/19/gravity...linden I agree on if you can get a good deal. super fast appreciation. small homes, close to downtown, you can look at year over year and it's going up fast but also fast to change. any urban adjacent neighborhood is going to be good. 

You want to be close to RTP (our economic hub) and the airport (located right by RTP).