Michael, check out furnishedfinder.com/statsType in your zip code and you’ll get a good bit of data on what people are looking for.Then, I would go on furnishedfinder.com and look around as if you were wanting to rent a MTR yourself.

Typically the people who arbitrage properties are operating complex's with 10+ units at a time. 

Type doesn't matter.What gets people confused sometimes are the terms "like kind" and "qualified use". 

Get the plaster tested for asbestos.If renovations significantly reduce your profit margin, wholesaling the property to a more experienced investor might be more viable. 

The question to ask is if Philadelphia is experiencing job growth and population growth.

I only ask, because most people are not sitting on $400k cash (obviously this is just my example) to effectively buy a new house without a mortgage.  

As you might already know Bennah project is experiencing huge delays. 

Get the people who are potentially making the decision to give you more details and specifically what it would take to get it done.

"Best" means different things to different people and Philly is filled with MANY neighborhoods to choose from.

God bless them, they are often wonderful waiters and hair dressers and service people and . . . .