It sounds like you have the option between a vacant duplex that has been fixed up and you just need to find tenants vs. an older duplex with tenants in place (that are paying below market rents).In general, there is often a premium for vacant units if market rents have been on the rise.

I bet vacancies are likely to rise in Bakersfield soon.Figure out the remaining economic life of the big ticket items (Roof, A/C, Etc..) find out reserves needed every month.Apply some cap rate to find your max offer, make sure your mortgage constant is less than cap rate.Get original lease agreements.Get tenant estoppels.Check bank records or Schedule E's if possible to verify income.Get copies of the last few rent checks.Check permits if it's an older house in Bakersfield.

I understand that prices are rising faster than rents, so that may not be possible, but I'm patient and would like to connect with someone who has their ear to the ground and can let me know if a deal does come up.

In recent years many builders have focused on the production of high end and expensive houses, to make up for low numbers of workers and the rising cost of real estate in the country.

My biggest concern is replacing the boiler which I will assume I will have to do at some point (or a major overhaul).There are a number of concerns that are obvious like owner paid utilities, window AC units, but are there any other major red flags in high rise buildings that I should be aware of? 

If people are moving into an area, housing prices and rental rates are likely to rise due to increasing demand.

I think that was what Ziv's points wereBut again I don't know first hand never been to Japan.. although I have been to Malaysia were this person is from and the part I went to was right over the bridge from Singapore and there were 50 high rises under construction and the sales were mainly speculative in nature... lots of empty units and SE Vende signs

It's so simple, but if you do those three things you WILL rise above most of those 1000's of others.

The traffic for this area, simply because there's inventory being built and created, in the near future there will be a rise in traffic and be considered free overage until the next market openings, which according to my rep will not be until next year.  

Read Kim Kiyosaki's book, 'It's Rising Time.'