But a cash-flowing $2M portfolio leveraged only 68% in a gateway city is pretty decent, right?

With 20K cash in the pocket you would want to focus on gateway cities, which are usually 30-40 min out of major cities.

But in an international gateway city with a longterm average appreciation rate of 6.7% going back to 1975 -- meaning this longterm average incorporates the five recessions that have occurred since?

Very often this is the best gateway opportunity for first timers

It is a gateway city that must be passed for trade purposes but can be missed for passenger purposes.So to sum it up...Philly is a poor blue collar city that is located in between other  major east coast cities.

Are people going to flee from gateway cities and head for more affordable parts of the country?

In an international gateway city with a severe housing shortage, appreciation is real.

On the flip side, hard money opens up the gateway to those who don't have just enough money to start out on a first project.

Check out Gateway Bank v.

Using the property gateway for Gennessee county, I am able to find the actual names of the owners (not just the property management company).