I need to know if the "let's buy this now and repair the property slowly as time goes on" tactic is a good plan for a value-play purchase considering all the above.

(Will leave my opinion of that fund for another time) If that is tax free or tax deferred would come into play too.Well, that's an option some people choose because it's quite safe as long as Oregon funds the pension system. 

But w/o an agent, commission comes into play for negotiations.

I was playing with the numbers and missed changing that.

I don't have the energy to play cops & robbers, that's not my job.Separately, as part of management principles, I would always pay attention to patterns, who's the common element in said pattern. 

Have you had any personal experiences in calling or business letters that you say played a pivotal role in a similar situation for you?

While it is true the properties definitely are not in the best condition (not unlivable but not brand new) and our timeline/budget isn’t conducive right now to a full rehab, what I find the most concerning is the agent is basically telling us this area is a bad place for investors.

If you want something relatively turn key, and with solid cash flow, buying in the city may be a good play if you’re okay with risk of some tenant headaches.

.- One day congress may get tired of giving this "lower tax rate for cap gain" tax break (i.e. tired of redistributing wealth to a certain group that likes to play with capital gains... yea you know who you are..lol), then this tax break goes away.

These are not cash-flow plays.