@Steven Wilson I never bought a duplex that cheap. 45K was my cheapest one (only put around 3K into it).

@Forrest FaulconerTake a drive through Philly or any major city for that matter and you will see plenty of available and cheap housing.

They provide very cheap loans.

But I'm also thinking about that phrase "Live/Rent where you want, invest in where it makes sense" and I'm not entirely sure if buying an apartment would make sense right now.I'm a little late to commenting on this, but just an additional thought based on your statement of investing where it makes sense...it may be worth it to find a super cheap place to rent and just amass funds to either buy in the DMV or in another market where you could cashflow right away.

They are cheap and inefficient, but they are reliable.Heat pumps work really well as long as you have a good way to distribute the heat.

This'll save me 2 hours a week in travel time).

If you're responsible, its like cheap private money (that will wreck your credit score lol)

Live in Elizabeth NJ, willing to travel.

For my money, I want to pay as little extra towards very cheap debt as possible. 

Cheap properties generally aren't going to have extensive rehabs because their isn't enough meat on the bones.