My answer depends on what you mean by "a bit of work". If you're talking cosmetic upgrades like swapping cabinets and ripping out carpet, then OK. My clients that fix/flip or buy/hold tend to target Mt. Airy, West Philly, and Fishtown for this type of job.

If you truly want to renovate, you're talking about updating the systems (plumbing, electrical), the windows, etc. You're replacing 80% of the bathroom and kitchen. If you're going to do that, you're going to make a decent return on any rentable Philly neighborhood.

FWIW - many buyers who tell me they intend to "renovate" really mean some cosmetic upgrades.