You've chosen a vital "territory" for seeking foreclosures, particularly on the Southeastern edge of the West End. I'm speaking primarily about the 30310 zip code, which, on some lists, is one of the tops in body counts for foreclosed properties. Neighborhoods with grassy parks like Adair Park, Perkerson Park and Sylvan Hills, all have lots of long term potential, and the closer that you can get to a "pretty house on a quiet tree lined street" the better.
Otherwise, know what you are getting into, the crime rate is worse than in previous years.
I am particularly excited about the long term potential of the Oakland City and Venetian Hills neighborhoods, just South of the West End and on the edge of Fort McPherson. When the Department of Defense relinquishes the 500 acre US Army post in late 2011, I believe that a remarkable revitalization is coming. The potential for a superb variety of live/work/play and learning (as well as golfing) opportunities abound for savvy, long term investors nearby.
Get your real estate on. Hire a Realtor who lives and breathes Intown Atlanta and knows the streets without a map.