Hey Nik,
As much as I hate to say it, take a look at Jersey and Staten Island. In St George, Staten Island (right by the ferry), you can find triplexes for $300,000. Last year you could find them for $220,000. The rents are actually pretty good. Now, there is some crime, but there are a few little sub markets that may be worth your time. I just tried to get my hands on a Chase REO out there for $127,000 for a flip, but couldn't lock it up. Now, take these following comments with a grain of salt...
They are putting the US's biggest Ferris wheel along with 350,000sf of outlet mall space in St George to finish in 2016. This should at least cause some more police presence and I've heard from a friend it's already getting cleaned up. Also, they're increasing the ferry service to every 30 min for 24 hours.
The downside, is you have to live in SI for a while. The up side, is your taxes will be way cheaper than jersey which can be as high as 8k a year for a 300k duplex. But, if you're so inclined to live in jersey (shudder), there are parts of Jersey City that may be worth your while.
Also, buying something that hasn't been updated in 20-30 years but still rentable and financeable will benefit you as you can rehab each unit as a tenant moves out, increase your rents, and force some appreciation.
