Despite the reductions, I am assuming the purchase prices are still substantially above what they would have been 5 and probably even 2 years ago - is that accurate? 

Based on current amortization schedule the current monthly principle reduction is around $1,100 per month.The home has some other unique features that are rare in the area such as a private double sized lot.

After watching the roller coaster ride of my work 401K, I decided to halt putting any more money in, and concentrate on putting that money towards debt reduction and new properties.

Some states have appeals processes to a board of other land owners that might be willing to grant a valuation reduction if there is an obvious overvaluation.

And if so, was how was the process (i.e. length of time to complete deal, obstacles in process, difficulty in setting a price or getting a reduction, etc.)?

We've taken classes they've offered and have incorporated aspects of CPTED...crime reduction through environmental design.  

I'm small potatoes, but I have had good experiences with WrightBilt,  (770) 229-9584 (re-ducted a 1950s ranch for me last spring) and ACS, 770-939-7500 (they've maintained my residence furnace for 19 years, and 2 rental systems as well).

That is either a credit at closing of the amount or a selling price reduction.

However both have been becoming difficult to make the numbers work without major price reductions.

And stress reduction.. nothing more stressful then fully levered low end rental that are vacant or none paying in eviction process or got hit by the local property thieves.