There are so many factors to consider but I know some people can jump on their first investments without too much worry.

In states where such data was available, transactional data was also factored into the equation.

I know there are some other factors to consider, but curious as to what people think.

In terms of being new, just make sure you know how to run numbers and are up on risk factors.

Time might be  factor.  

Depends on a LOT of factors. 

So based on what you highlighted in your post, several conditions could be present.  1) real estate market is flat, 2) area the properties are located in or the property itself is not desirable, 3) there are other factors that 'drive' up the actual costs on the property, 4) property taxes in PA are really low to begin with, 5) competition is low, 6) other reasons, 7) none of the above and they were in the right place at the right time.  

@Jeff CaravalhoIf it were me, I would factor in the following: How long has he been a tenant?

I understand $/Cap rate but how does that factor VIA interest rates which can fluctuate from investor to investor? 

It sounds like you skipped this part, which is an integral part of the buying process.