Rents in the area are in the 12-1300 range and appreciation would definitely occur.

If your deal works for a large range of values, you're probably safe no matter what comes to pass. 

If I can find a few houses in the 160k range that match it (I'm not sure I trust the site that I found the first comps on), I'm going to throw an offer at the property and get in a gc like you recommended.

I understand this is not the most idea route to take in entering the real estate world, but my initial strategy is to focus on turnkey/recent rehabbed and tenanted properties located in regions within my price range.

I was shocked by the range of bids I received, especially electrical...$4,500, $6,500 and $9,500 for the exact same scope.  

Most of the houses i work with are in the 600-800K range and all said and done I normally do a clean 40-60K in net profit.

You can find MHs in that range, too.  

Obviously, this price would be out of range for me, but I am considering entering the market looking for the right apartment complex deal.

@Matt Devincenzo:Matt,Where are you finding property in that price range in California?

I agree with Derrick, we love Chicago and Cleveland for buy and holds and Darrin nailed it with the "Drama" comment for that price range.