Note Long Island area has very low cap rates but I did see some meet ups being advertised in Nassau area for sure as @Joseph Suarez pointed out.However in the city there is just more folks a lot more...  

Lehigh Valley/Allentown is 1.5-hour drive away from Jersey City and offers great CAP rates. 8-12% depending on your risk tolerance and property values have been appreciating like crazy the past couple of years. 

Those with low cap, marginal assets, who are over leveraged, and who do not have access to capital, will get fried.

In other words NOI and Cap Rate.Normally for a Residential (1 - 4 unit) Property you do your calculations this way:All-in cost Target = ARV x Refinance LTV (70% - 80%).  

. $800 of cash flow per month before cap ex, maintenance etc.

Cleveland is a great market for getting them from private sellers, but you need to be cash, Double digit net caps are to be hadAll the best 

All the burbs, All you need to do is connect with someone that provides properties 100% hands off, 10% net caps are to be had.

There is an exception to get a 2nd simultaneous FHA loan however you'll have to have one of these 4 situations to qualify along with 25% equity on your current property which it seems like you do (close enough):1) larger family size (evidenced with medical pictures/documents for legal adoption/birth certificates)2) You were a cosignor but not currently occupying a property of another FHA borrower and now you want to buy or qualify for your own FHA home loan3) legally separate from an exspouse with which whom you shared a FHA loan together on a home and now you want to qualify for your own FHA home loan4) you're relocating for a job (need employer offer letter signed/dated by employer or HR)Your other issue with qualification is DTI and that is often true that its capped at 45% DTI or debt to income however you can also go up to 50 or 50.5% too so there might be some room to work towards there to get that additional borrowing ability.Paying down your existing loan is probably the worst way to obtain more qualifying ability especially when your current note from FHA on your current property is at 2.70% as you mentioned. 

Moving forward I'll be waiting till the Fed stops raising rates then buying 6%+ cap rate properties from REI Nation 100% with investor capital.

That being said, I have not been able to find anything near a 12% cap rate in SE PA, so they have my attention.