This might be hard to see for successful investors, but the biggest segment of our society is not doing well financially. 

@Brian Bond Regarding Germantown, on a personal level, I see that the area has a lot to offer - it's one of Philly's most historic areas and still retains a lot of that charm, it has great transportation links to center city and beyond, it's urban in character but still has some great greenery, strong (although needs improving) business corridor.

This is how the majority of society (every society) works.You don't train for a marathon by hanging out with people that hate to run or that only like to run 1-2 miles at a slow, easy jog.

They are great for urban areas because they have a smaller footprint.  

The longer drive to urban job centers outside of commuter range kept those places from getting too crazy in price because the lower local wages kept it in check.

Yes I am looking for markets with strong urban renewal, high job creation and a young educated workforce.

It's too bad we've gotten to this point as a society when we have to worry so much about these things.

I am currently building high spec homes and multifamily condo's in Los Angeles, these range from urban infill to land development to demolition of existing structures - all of which can be anywhere from $400 to $700+ per sqft.

Suburbs are okay but if it's like an hour away from a major urban center, everything gets tougher (due diligence, finding qualified people on the ground, houses sell slow etc)Just doing the 5 things above can often bring your list down from an overwhelming 100+ notes to maybe 5-20.

Don't buy in the roughest neighborhood in the urban core.