The short-term rental market here is particularly lucrative, though regulatory changes can impact profitability. 

$20k/month in profit? 

I have found 1st lien mortgages to be very profitable.

BiggerPockets has some pro tools that let you see rent to price ratios and other cool stats, I use this to check out various markets and which seem to have better/worse profitability.

DA 20-25k profit at that price point is good for your first flip with any mistakes and overages.

My vote is invest in other markets where the money makes sense and then take that profit to visit whenever you like. 

That data would be sales price after remodel (the true numbers some agents really don't have the experience to be comping the property), the days on market you will experience (this is great info because you want to recycle the money quickly), and resources to sell the place fast not slowly which you do not want this because this could put your holding costs extremely high and push the property to little profit or no profit. 

Sell it for $220-240k rangeInvestor puts in $60-90k, Flips for $350-400k realizing a profit of $50-100k. 

Are they profitable?

I am guessing you like the numbers you see in Strawberry Mansion and Norristown (Montco not Philly) but do you know for a fact that at those numbers, you can do a full gut rehab and be at a number that will allow you to profit, and along the way make some sizable mistakes especially if this is your first project . . .