Not sure where you are, but might be worth the drive.

Keep the other factors in mind besides just the cashflow and equity appreciation calculation.

Geographically speaking anything you could drive to and from in a day would be a great start.

If a property needs too much work upfront, it may not be the best first investment.4.Factor in property management costs—even if you self-manage.

Factor it into your cost and decision. 

I understand there are some other factors I glossed over like gaining the approval of the first seller to switch collateral and the lien in second position, gaining approval of the second seller to put a second position lien below the big loan, and scheduling the sale of the first property to coincide with the purchase of the second property.

Logistically, Philly is about 20 min drive, closest shore point is about an 1 hr 30 min away, DE is about 30-45 min and NY is less than 2 hrs.

However, driving rents higher will likely take a significant amount of cash to upgrade the units.  

I’ve isolated these three markets as they’re all within driving distance from my home and seem to fit my budget of $100K-$200K for purchase price.

It seems like you just really wanted this property so you let your emotions drive your offer.