I just finished my my master's at Drexel, doing the IMS program(which is basically the first year at Drexel med). I was at Queen Lane a lot and yes, many of the places are old and a little ghetto. If money isnt an issue, I would live in Alden Park. It's pricey, but nice. People live in School Lane house, but the management there is sketchy and I don't like dealing with people like that. Some students live in multiperson houses right around the school. And there are always the Charlwin apts, right next to the school that are really nice and really convenient. I know some M1s lived in Center City by Hahnemann and then took the shuttle in for tests, and lectures if they had to. But honestly, you can watch the lectures online, especially on 1.4(or higher) speed for the slow and boring lecturers and be done faster than the normal 50 minute lecture. Thus if city life is a must for you, you can definitely make it work.
As far as a car is concerned, I would have one if I was there. There is NOTHING to do around the med school. Granted the shuttle will take you into the city, but it doesn't run on weekends, holidays, or past 10pm at night. There is a septa regional rail stop at queen lane as well, but I wouln't take the train alone at night as a girl. For grocery shopping it's a must. I believe the closest grocery shop not in the ghetto is the Acme in Bala Cynwood, right off City Ave. There are also some restaurants over there, an LA Fitness and a few dept. stores. Manayunk is also not too far, as well as King of Prussia -both have cute stores, movie theaters and restaurants that are nice. I would have been miserable if I had no car there, or at least not known someone with a car.