I like the location of Central City, particularly for your commuting needs - it's on foot, even in bad weather. Very nice. Unless you wanna buy a jet pack and land on top of the Med Center like the helicopters do. That would certainly rock.
You ask a lot of insightful questions. I believe that you know what you are doing and that you already have the answers. If you are looking for validation on the merits of a significantly under market purchase, and a long term hold from what I can tell, then this secure community is a winner for you.
Depending on what you want, you can spend less in other gated communities nearby. You can spend more for less at Tribute and a few others nearby.
We don't call it Bedford-Pine anymore by the way - old Nathan Bedford Forrest was the founder of the KKK, so regardless of his esteemed service to the Confederacy 150 years ago, us Intowners don't cotton to his legacy, ya dig? Therefore, we renamed Bedford to Central and call the park Central Park. We call the general neighborhood the Old Fourth Ward, and if you want direct insight into what's happening around the area, if you want crime statistics, if you want to meet Kwanzaa Hall, the City Councilman for the area, then attend a neighborhood meeting - lots of condo dwellers take part in the greater neighborhood.
Here's their site - http://www.o4watl.com/news.php .
Your risks on purchasing a foreclosure should be clear - hire a great Realtor to mitigate.
Fulton County and Atlanta are rife with overspending, mis-spending and more spending to come. Regardless of efforts to trim the fat, government of this growing city, with weak infrastructure fundamentals, is challenging to even the best talent.
If you have problems with more taxes piling up, then don't move Intown. We live here and pay more to live here because we like living here better than living in the suburbs. I get what I get - it's more expensive, but the quality of life trade-off is nice - we make up for it with affordable real estate, and super cool, unique neighborhoods. We` have safe neighborhoods too, for the most part.
Call me if I can help you further.