I've seen a lot of land around LA that ranges from $15K to $500K.

I know that's not a straight answer, but it does depend on your goals, price range, and risk tolerance.

Decide what size houses you want to buy, age range, # of beds & baths, etc.

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.