The market value of the house is 750k although it will probably appraise for less, the neighborhood is a very sought after location.

(Based on the style of house, I think I know the neighborhood) What would you rate the chances of a successful foreclosure?

Possible properties to tap areSFH worth about $330k, current mortgage 141kSFH worth about $270k, current mortgage 128kDuplex worth about 375k, current mortgage 184kPurchase price of new property is approximately 1 million, so I need to come up with $250k-$300k.I'd prefer not to sell any current holdings because they're located in transitioning neighborhoods that look to improve a lot in the future.I could do cash out refinancing, but that's a long process.

Just make sure they're houses that are within your budget, desired neighborhood, ect

Norfolk is a big city, neighborhood quality varies widely and cap rate varies along with it.

It sounds like you're describing the Midway Oval neighborhood in the Poquonnock Bridge part of Groton.

I was trying to pursue a foreclosure that came up in my neighborhood. 

It is a rental neighborhood.

I'm curious how he would have responded if I was the owner-occupant neighbor in this nicer neighborhood - especially since the first guy was so adamant that it was the cities' problem. 

I purchased a house in a transitional neighborhood in a city where 1:2 homes on the market has been flipped.