Some points about me and this property:- it consists of four 1-bedroom apartments - rented to young professionals- this is B property in a B neighborhood - current rents are $2300 ($550x3 and one $650 - the $650 is the newest tenant and the apartments are identical - so it sounds like the rents can be increased in the other 3 upon lease expiration)- it's listed at $139,900 and has been on the market for about 3 months- my calculation on this property is based on full asking price and current rents- The COC ROI is misleading based on the way I did the inputs -- the only cash out of pocket will be closing costs which I've been quoted to be about $7000  out of pocket. 

Yes, that is likely in a B or C area and being out of the area I would want help through you, with local rehab contractors and a referral to a great property management company.  

For 45-65k you can own one of his turn key properties in a B class neighborhood with rents from 700 - 900 a month.

If you read that 100 pages of crap, it can be summarized as "I'm going to do x, y, z, a, b, and c, or pay you off in full."

If it's true I can cash flow there WITH a property manager in place, and it's at least a B neighborhood in terms of safety and tenant quality, then I will run, not walk, to invest there (I won't live there most likely).

Out of the few that were available, I chose the one with the highest rent potential, and still in a B+ type neighborhood.

Locate your buys in a "B" or "C" neighberhood.  

Ask:Do I want to invest in A, B C etc properties?

I'm mainly looking for a buy and hold MF in a B area (would consider others, but not D), in which he would house hack.  

Only because Philadelphia is such a "Block by block" city that some "war zones" share the same zip code as A-B rated areas (Example: 19104 Is the Mantua section of West Philadelphia, but is also home to Drexel, and UPenn (Also known as University City)