Recently turned it over for the 1st time in over 20 years (owned it 11) and replaced the oven and cooktop and added the DW with just the butcher block top. 

The building is only a few blocks away from both the IH-10 and IH-35 freeways, as well as being near the corner of two major streets, allowing for easy access, in and out of the area.

So stop everything and study comps, block by block if necessary, until you have enough understanding of value to know if cap rates are even a useful measuring stick in your market, then if so, what are they there?

As far as the vans and block trucks with ads, I believe there are rules against that in L.A.

Recently the neighbor was trying move a vehicle off of his property but the tenant had a vehicle blocking path.

Only solds on that street and another busy one a few blocks west could be used as comps.I'd tell the seller "Sorry, can't get financing with the appraisals.

I moved home in July, thought I was going to stay at home for 6 months, thought about the idea of homeownership, I was at my best friend’s house and overhear her was making pictures for their 20 year block party.

Heck Ideally I'd just like to buy a city block and be done with it all...Sounds like you have a good bit of equity depending on how much work is needed to get to arv...

It can literally be a block to block thing.

Just last week two properties on the same block sold for $127k and $142k.