Economy: Philly has better schools, a better financial sector and job sector than LA (I am guessing but would like some opinion)Cons:1.

Once economy settles to whatever level, still short on houses, thus they will buy lots. 

The FED keeps hinting at rate cuts but once they make their first cut, the market will probably start falling because it means the economy has slowed.

The US real estate economy in general has boomed thanks to COVID and previous rate drops.

I was about to ask a similar question (and still will due to the current economy), but appreciate the discussion on this thread about the pros and cons and level of cash flow required to make the early withdrawal penalty worth it.. 

My area has a strong economy, high rental rates, and a very large military and civil service presence.

Basically for me the main difference has been dealing with economies of scale.

San Diego is not for everyone with the higher barrier to entry but there are certainly less costly ways to get started such as house hacking with little to no money down depending on loan type for both single family homes and multifamily properties.Be sure to consider total ROI instead of just initial cashflow numbers and consider the market/ economy and stats for the last several decades instead of just the last decade as most markets did well in last 5-10 years.

Economy of Scale is so much easier on mildly distressed multifamily than on single family.  

Choose your property wisely - Multi-unit properties like triplexes and fourplexes offer potential economies of scale and income diversification.