The seller has not addressed these issues and presently has $60,000 in fines from the city.I have viewed the property and I have estimated the repair costs to be around $125,000 as it needs a new roof, foundation work, windows and doors throughout, ceilings replaced, kitchen, bathrooms etc etc. but the ARV based on an identical property 5 doors down selling a few months ago I estimate to be around $575,000.I spoke with the owner and they presently have a cash offer of $270k minus the fine balance at closing.

Identical layouts. 

I used to work for a Habitat for Humanity and the ED at my location would pay a local man to sleep in the home at night as a method of protecting the property against people coming in to steal the copper pipes.My question to you is, how do you secure your properties when renovating in areas that aren't the safest? 

The house looks and like a duplex, has two identical sides (2 br / 1 ba ea).

However, I don't feel like I'm getting a "steal".

From experience my condo rents are lower because you are competing with other owners with identical properties that can drive down rent prices to keep units occupied.

Yes, maybe you could have done better - - maybe even worse - - but if YOU are happy, don't let anyone steal your sanctification with your reality.

Also in a place like Southern California multi units are harder to find unless is Long Beach or LA but I live in Irvine and it's mostly Sfr and condo/town homes...I have an SfR in Irvine that I could buy as well that's a steal of a deal in the market - would buying that and either selling or renting after a year be a good investment as well?

My wife and I looked at a property on Saturday that sounds almost identical, just curious...We passed as we had a tough time evaluating comps.  

The asking price is a steal and the rehab seems to be similar to your budget.