Buy when prices are high....just buy a lot more when prices are low. 

@Marc Izquierdo - I do a lot of investing and PMing in low income neighborhoods and I will tell you that just being in a low income neighborhood will result in tenants that are hard on buildings, irregardless of how the rent gets paid.  

You are going to have to have a pre-approval letter to submit an offer, and you want to narrow your search for what you can afford.This is my favorite way to get started in investing!  

For rentals, although the risk of getting FC'd is low, you should always have an exit strategy to prevent a loss.

Hi @Sam Hanaa, yes, that is correct, but many are absolute disasters (ie, can't be cost-effectively brought back up to snuff), or they are being advertised at a low price with an offer presentation date.I agree that there some more opportunities than a year or two ago!

Fishtown is a cool little town with rents in the high $1k to low $2k.

I'm not as experienced as most here but to me your expenses look too low, 3% vacancy and 1% CapEx especially.

The After Repair Value seems really low.

Particularly in low income stuff.

@Keith HebertYou ‘ve gotten alot of good advice on here, my advice is pay top dollar for high value/low frequency tasks and look at outsourcing your low value high frequency tasks.Pay a CPA to do your taxes and review your books on a quarterly or annual basis-get a bookeeper (there is alot of good 3rd party bookeeping services that work remote) have them do all the data entry/recs and set up checks so all you have to do is print and sign them.