The REO market is nearly tapped, and unless you have 200 million in funds you can not purchase at the desired 50% - 65% below current market value.

My speculation is that Oak Park is a desireable area for buy & hold investors.

The bottom line is, new construction or not, prices have to be able to be supported by comps, and you have to ensure the same desirability factors are still there.

There are two driving forces for my desire to leave the state of California for my next investment. 

So you'll find a handful of nice neighborhoods scattered about, but the surrounding area is less desirable.  

follow up: I spoke to property management and they stated the townhome was in a desirable area and would likely rent soon.

In regards to neighborhoods in your desired price points I think you'll be hard pressed to find anything in the Columbus market.

This 2-floor condo has 2 car parking, which is highly sought after in this very desirable location.

The current owners have no desire to get the proper Certificate of Occupancy for the half bath and we're using a traditional lender (big bank) so we think this will be an issue to get a mortgage.1. 

I want to buy more where I am at because the Havre De Grace properties I am buying are solid structures, in a desirable location, with the surrounding property values being 2x, 3x, and even up to 8x the cost.