Being from Phila, I can tell you that this can be a great or horrible market to invest in - all depends on LOCATION!

@Robert FrazierThis really depends on the market. 

@Harsh PoshtiThis will be dependent on the area and I would recommend you perform a market study to determine which project would yield better results and if either is even viable.

Depending on how many properties you have that may be overkill.

It depends on the goal, are you trying to build wealth or cashflow.

Congrats on at least taking action.You've got nothing budgeted for vacancy that I can see; it depends on how much turnover there is in your market and what your prices are like compared to the rest of the market, but most people would budget 1 month of vacancy/year/unit.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

Another option depending on where you invest is to use the AirDNA profile and a lender will underwrite if the occupancy rate is high enough.

@Ian McClureI would say it depends on the tenant and what they are needy about.

If only someone had written a book to help people like you.I prefer you spend some time educating yourself before jumping in, but that depends on how bad the PM is and how quickly you can educate yourself and take control.If you choose to terminate, read your PM Agreement carefully to see if there are any termination penalties.