Shawn, this is a good area to invest in for rental properties. But as Bruce points out, there are very few deeply discounted properties. The best approach is to have a search setup so that you have the most immediate knowledge of when they become available. Setting up a search in the MLS is the most reliable source of information. One of the fine agents here on Trulia can do this for you, including me. Be sure to choose an experienced Realtor to assist you. I am certified and specialized in foreclosures and short sales as well as investment analysis to insure you do not make an unwise decision. I have assisted many clients who are landlords and have owned and operated investment properties myself.
Best of luck in your search. Please let me know if I may help you in any way. You can learn more about me through my profile here on Trulia.
Brent Rice, Trulia Top Recommended Broker (Pro & VIP), SFR
The Rice Group, Inc.