Since apartment rents currently aren't that much lower than house rents, with the long term for rental demand by the Millennials and retiring Boomers looking very strong, you'll get closer to the kind of cap rate that you're looking for. 

Additionally, expect the number of sales to decrease from previous years as buyers take a more cautious approach. 2017 will be a transition year as certain markets begin to peak, while others continue to experience opportunistic growth.3) Millennial RentersMillennials will face challenges as buyers in 2017, as stagnant incomes, lower credit scores, higher debt levels, and rising mortgage rates limit their purchasing power.

@Robert KhederianFor now, I have abandoned the NYC market in favor of income and what I see as undervalued opportunity in other parts of the country.I anticipate a geographic and lifestyle shift, and I think that's out of the large MSAs, particularly when the (dreaded word) 'millennials' start their own families. 

It's often overlooked but it is the #1 city for millennial growth rates (age 20 - 34) that are prime renters.  

I see all these know-nothing millennials running to Oakland without giving it much thought.

The millennials, boomers and immigrants are renting more and that is expected to continue.  

They include:Growing EconomyJob GrowthPopulation GrowthInvestment Property AffordabilityCash Flow and Equity GrowthGrowing EconomyTampa’s growing economy is largely a result of a city government that advocates for economic development that has furthered a real estate investment boom, making Tampa one of the most popular destinations for millennial entrepreneurs.

That coupled with the fact that Philadelphia has seen a rise in population over the past 5 years, with the large majority of residents falling in the millennial generation. 

Millennial also all first came into the housing market while they watched their parents lose their asses, they make life long renters, also the baby boomers...they are downsizing, want an ease of living and don't want the maintenance...great renters.

Here are two posts that cover the local market:https://www.biggerpockets.com/forums/621/topics/398662-heres-what-fixer-uppers-on-the-mls-are-selling-forhttps://www.biggerpockets.com/forums/621/topics/396725-millennial-migration-to-sacramento-2017---here-comes-the-rushIn sum, buy and hold is looking good (particularly 2-4 unit multifamily)  and flipping is ultra-competitive and you're really going to work to find a deal.Check those posts out and then let us know your thoughts and we'll be able to help guide you further in the right direction :-)