That sounds like the answer is stick with the original or go up a small amount that is still in the range you wanted to be in.In my past experience I have had this situation always happen where I have no met the reserve but have been the high bidder.  

Or are we better to keep our eyes peeled for 2 single families in the near $200,000 range?

Houses in the range you are looking generally aren't cash cows unless you get a steal on the front end.

I'd suggest you set your keyword alerts for the area, types of property you're interested in etc. too, and that way you'll be notified when any of them are being discussed.You say you like buy and hold properties, and obviously our prices here are high, so what price range are you wanting to be in?

All in all 2014 is looking great.  2015:  Possibly making the step up to mid level properties going for larger profits (200-400k ranges)

We bought our home for $69,100 this April and our realtor thinks it's in the $110-120k range.

I've bought several homes in the 10k range and rent them for 750-800/mo range. 

Hi Joe,Have lived in California, ranging through every county, for 20 years, and I don't see much opportunity in the coastal areas - and no big appreciation in the near term, or even looking past that.

This equity can be accessed if you decide to buy a rental or need access to funds since VA can cash out up to 100% of market value with out time requirements for owning the home (conventional requires 12 months to cash out up to 85% on primary and use current market value).VA also has very high "funding fee" ranging from 2.15% for first use and 3.3% second use to as low as 1.25% if you plan to put some down payment down.

For now I'll concentrate on rehabbed 3 to 6 flats in stable communities but I don't see too many on the market that's within my price range.