The attractively low price, oversized lot, and tons of concrete improvements made this acquisition a no brainer.

You should look for a steal in the surrounding area (you can draw a map as you search on Zillow) or try the area in the Valley Arts section of orange, its near the campus, the price of the properties are relatively low and theres a midtown direct train there (the highland park station)

Additionally: try looking at for-rent properties and see if there are some places you would like to own or think you could improve.

Aim to establish contacts to help you (contractor, agent, PM, etc) within next 3 months. search for a home for 3-6 months (that meet your risk level) and close.  

Here are some recommendations for you:Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/usersSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingWishing you the best! 

I've very new at this and I understand the MLS won't be the best place to find deals, so I plan to do more proactive searching and finding a real estate agent ASAP. 

And let's say the capital improvements are $100K. 

Find an agent who is an investor. go to meetups in your area to get exposed more and network. picking up random properties on Zillow with out knowing all the expenses and repairs isn't the best way to utilize the calculator. you will need accurate numbers to see if you will cash flow. start your search for a property now as sometimes it can take time to find the right one depending the area. get pre approved and go house hunting with a link minded realtor. then you can plug in the numbers into a calculator and see if any will work. best of luck.

I find many like minded individuals and potential partners this way. you need to put yourself out there to find the folks you are interested in meetings. not all meetups are great but continue to search and find the good ones in your area.

You seem to be using 60% LTV to improve your projected Cash Flow.