My thoughts are that the price reductions are driven by a "come to reality" moment for property sellers versus a true decline in the market or a "bubble bursting."

Camarillo is more white collar and the income per capita and household is much higher versus Oxnard.There are quite a few options from an investment perspective for both cities, however, it depends on what you want to achieve.  

One other question: from your perspective, how valuable is IRR and CoC for yourself versus cash-flow?

When the applicant has an S8 voucher, that effectively takes the place of the income requirement for me, as it is not uncommon for DHA to adjust what they pay versus the tenant share throughout the tenancy as the family income picture changes for better or worse.

Also, I'm not sure if you can even do a 1031 for two properties versus just one.

The one major struggle I have right now is how to balance the Cash Out Refinance Loan Term versus the profit margin to determine what the best answer is (i.e.

You are already there and typically only have one RE investment (versus with double digit units it gets hard, and is stupid, to do the handyman tasks).You have wife and kids. 

Will jumping on this versus walking define my criteria? 

But at the end of the day, it'll be about scaling versus pure margins on a single property.

The questions you really need to ask yourself is how does this lines up with your long-term goals, the value of your time, and if you truly want to invest that much time and money into becoming a real estate agent, versus what else you could be doing instead.