So great comments.As usual, @Matt R. is very knowledgable having studied and researched how to dissect properties and offerings in other cities.  

Study your market. 

well you should study the areas you mentioned before buying 

During that year, save, study the market, network with local investors, learn from them what they are doing to make profit and avoiding, narrow in on a sub-market you'd like to start investing in, and learn that sub-market like the back of your hand so that you know instantly looking at a property in that market what sort of neighborhood it is in, whether or not it is a deal, and what price would make it a great deal  ... that way, you can answer your own question and gain some knowledge and local experience.

You need to seriously study other investment options.With 1.6M in equity with a base opportunity investment value of 10% (easily achievable in moderately conservative funds) your equity value should be earning you 13.3Kper month income.

At present,  I am educating myself as much as I can on the art of wholesaling (via BP, podcast, print, and NOREIA meetings) and I am also studying to obtain my real estate license.  

Since learning about real estate 1.5 months ago, I have been studying like a mad man and was incredibly close to buying my first place (which seemed like a great day and may have been) after two weeks of studying but luckily ran into a very successful Real Estate Investor who talked me out of it.

Read study read!!!

I have been studying up on investment metrics and have recently been learning about using NPV to compare investments. 

I was in the same situation, studied for years then was super anxious to make the first purchase becasue I didn't want to wait anymore.