The answer is you are not. you will probably yield 1/2 that amount in todays climate. 

But why risk investing here, where the taxes are historically high (and getting higher), insurance is climbing at double-digits each year, litigation-friendly climate, and it just got a lot harder to evict a non-paying tenant, or not renew a lease for that matter. 

I am in NYC and I'm not turned off by the current climate & prices of the market.

Yes you can easily self manage from a distance and yes the southern milder climates have longer peak seasons and typically do better than Northern locations.

Identifying a property that cash flows very well at the current climate of interest rates would be the best route for any investor. 

You will see a lot of videos of homes printed indoors or in stable climates but the moment you have to print in a climate with varying temperature, humidity etc things get a little wonky.

I'm not sure what the general climate in Philadelphia is like right now. 

If you are in a hot climate you might want to set AC to a higher temperature but not off. 

It seems current price climate is the greatest challenge, hard to guess whether rents will rise enough to offset or if the pricing is just too frothy.  

I would look into a 5/1 or 7/1 ARM given this climate. 3 years may not be enough time to see a significant rate drop to refinance.