However this market is also very competitive so I would say keep your eyes open and be very vigilant and be very well connected, networked and be working with an agent that will notify you the minute new properties come on the market or even off market yet even there you will find competition. 

will keep my eyes and ears open 

Well, @Trevor Rutherford, I believe I would just look her in the eye and say something like, "I don't think you'll be a good fit for our property." 

Seems like your tenant attempted to pull the wool over your eyes.

Trust your gut and your own eyes too. 

The neighborhood is houses that were built in the 1950's but they decided to build a street of houses in the 1990's within the neighborhood so when looking around it really throws comps off to the untrained eye such as myself.   

My plan on the recent home purchase is to live in for some time and keep an eye on the market.

Glad this thread is getting some action - I have also been eyeing Bergen Lafeyette, but was wondering about vacancy in the area, what with new construction & proximity to transportation pulling desirable tenants Downtown. 

I'll keep my eyes open and see what my area structural engineers have to say about this type of rehab (which I fully expected to have to shop out to a more experienced outfit) but I wouldn't be such a big fan of yours or a true BPer if I wasn't at least mildly ready to take a big risk!

This does a few things, first it gives you a second set of eyes on the deal, second it gives you the money for the unexpectrd.