I have an opportunity to buy a nice 1x1 condo for $240000 in an decent area of Santa Ana (which is an OK area of central Orange County [it isn't the safest, but it's very convenient to a number of business/universities with lots of potential renters]).The condo is 713 sq ft, with community laundry, semi-upgraded (newer/upgraded cabinets in the kitchen, laminate flooring throughout, tile counters), carport + 1 extra parking, large patio, 1st floor, corner unit, lots of light, safe/gated community with good amenities (pool/spa, club house, sauna, small fitness room), location is convenient to shopping, freeways, other cities, etc.Purchase price would be $240K with 20% down.

I can say what you're asking is to compare an apple and orange. 

But, maybe accredited investors like these sellers aren't afforded that type of protection like the general public.completely apples to Oranges  accredited investors with muli million dollar properties are not unsophisticated average joe or jane who has no clue.. and owners of big commercial properties don't want to deal with unsophisticated buyers.. buyers have to prove they can buy.. not just say they can  big difference. 

Again each of them asked me to stop mailing them.4th mailing (switched to orange postcard): received zero calls.5th mailing: planned for the beginning of January.Second list I'm mailing - Absentee owners (in and out of state), 40-100% equity, ownership of 4+ years, tax assessed value of < $215k, 2-4 bedrooms.

When I say "Good old boys" I mean Mr Gulley is clearly respected by the "in crown" for good reason too, I was just pointing out something I noticed idc if he's black, white, orange or see through. 

I'm only going to answer first point here.What your asking is like me saying "which city in SoCal should I buy in, LA, Orange County or San Diego" they have their own pros and cons and unless you find someone that's live in all three cities or invests in all three the answers are going to be weighted/bias.The Cap rates have reduced because many out of state investors have come into the market and raised the costs of purchasing these homes.

That's apples to oranges.  

@David HubertThat's like comparing apples to oranges.

I grew up in Orange, NJ, which was one of the earliest wealthy suburbs (of NYC) in the US.

Mario here from Orange Box...Real Estate investing can be really exciting and of course profitable!