In a city like Philly, you will face many challenges - you need to learn the market and know the neighborhood and the block and make sure all of your numbers are within reason, you need very reliable contractors, you need a to understand the permit process, you need to be familiar with market expectations. 

Have 2 properties in Duke City.

I have a city rowhouse with a 20' sidewalk and 5' wide steps with 9 treads and two 7'x7' landings.

I'm in Columbia, South Carolina by the way and no I'm looking to build in another city but in South Carolina.

The thing about teak is natural forests are being harvested at a rate of 20 to 1 farmed plantations planted.  

I'll be bouncing back and forth between the two cities over the next four months before I move in order to get life set up and trying to learn the city... and hopefully find my next project. 

Like @Collin Hays said, it is being driven more by neighbors tired of poor STR owners not keeping things sorted.We only look for places in vacation areas with a long history of owner driven STRs vs big cities and the like.

When it comes to housing, the FHA rules apply in addition to those of your state/city.

Let's assume that the neighborhood is a C class and the median income of the city is greater than 3X of the market rent.Here are some of the considerations I've come up with so far:- Units are in need of renovation and capex is too high or not available- Unit quality is not the same as market - Seller is worried about losing tenants due to increase- Vacancy rates are high or filling units have been difficult- Rent increase would take multiple increases over multiple lease periods to get to market rate if seller is trying to retain the same tenant- Seller inherited property and just want to liquidate- Seller needs to liquidate quickly (financial burden, sickness, quick exit from land-lording)It seems like I might be missing a warning sign about a deal if they are selling with current rents that are under market; but again, this seems to be most of the properties I've underwritten.And in the same vein, what should I be worried about when purchasing a deal with under market rent with the intention of raising them after purchase. 

Bachelor/Bachelorette Parties: "Steps away from the city’s hottest nightlife with plenty of space to celebrate