As such, I need to expand my knowledge of buying lots generally, and would also love to talk to someone doing this in NWA. 

If not, don't worry about it.

Opportunity to purchase from prior owner as is in run down condition How did you find this deal and how did you negotiate it?

Exactly how do you come up with such OTHER THAN it's your "feelings" of such?

And if there is a smart way to approach this, I would like to know about it.

From what I’m seeing in this market (Hoboken, Essex and Bergen county), it’s really hard to break-even or turn a profit.

If you’re looking to invest close to home, it helps to network with as many local investors as you can.

If you want to network or ask specific questions about your local market, go to your local real estate forum and connect with investors from your area: https://www.biggerpockets.com/forums/86-local-real-estate-networking5.

I wanted to add multi-family rental to my portfolio How did you find this deal and how did you negotiate it?

Since yours came to you and you've managed it, you still want to go behind the curtain with other to see if you really do want to grow to include more.One thing about portfolios - there are always bad properties in there.