If you own a C or D class property, you may need to take a chance on folks like this.

Also, would you suggest using the suffix "-Series A,B,C" or was that arbitrary? 

I would say I invest in C or C+ areas on a a-d scale.

The reason is that the price range you outlined is likely to put you in C or worse areas and those can be very difficult to manage effectively. 

Most of the homes are in very undesirable areas as well... so even renovating the homes may not make up for the equity problem as there isn't enough value add opportunity.Homes that are in fair areas (C or C-) may be able to break even with a rehab as we had one that was close.

Philly seems to have a lot of opportunity especially for MFHs, but it seems that every time I find a place it's in a low C or D neighborhood. 

But you'll know right away if something is being listed as a B but is actually a C or D ( I have seen folks listing props in C+ areas here in Bham as being A-, and someone from another market wouldn't know the difference without looking).

If it's in a B or higher area, it is worth looking into it, because you usually make money buying the 'worst' property in the 'best' neighborhood.If this C property is located in a C or lower area, I'd pass. 

I don't want to bet on appreciation for my profits since I want to make my profits when I buy.

Look at C or D class 4 units.