That block in Newark is actually hard to rent out ..because I didn't know the area was so bad. but they finally got someone who has section 8 and I guess that's a diff process and may take longer than reg tenants.

If the houses are in a heavy crime block; you will find a motivated seller who wants to get out fast now there are areas like the Hyde Park area where you want to be as that is right in the heart of the new government facility that they start construction on and in time you will see the property  taxes increase which will bring values up and drive the crowd out.

While i dont mind paying fees etc.. filing yet another tax return seems like a pain and makes me question the value of simply having a single LLC. 

You can ask the agent or seller/wholesaler for comparable within blocks because real estate is location, location, location!

However, I heard great reviews on the topics and speakers.They also held a phenomenal block party in the Gaslamp Quarter.

Ask me how I know this.So I can't tell you exactly what a cycle will look like, but I can tell you they are painful and some element of the above factors will be at play. 

I realize that neighborhoods can vary block to block and was wondering if any locals have any insight and/or advice on that area. 

Work on getting the seller to commit to a price of 450k or somewhere around there so that you can put in some money and still maybe have a little equity.Find out the real motivation of the seller and show him or her how you will relieve their pain.

HUD is such a pain to deal with at times.

and you did inspections for the past 7 and didn't do anything about it most likely because the rent was paid on time and the tenant wasn't a pain in the rear...Out of site, out of mind and the check keeps coming.