Madison Heights is very close to itech area, most of the condos and townhomes are in the range from
275K an up for condos, and $350 and up for townhomes. The Short sales are price lower, however, it takes 3 to 4 months to actually close escrow, so if you are in a hurry this might not be a good option for you. REO's are being purchased by investors that are paying cash. So even if REO's are priced to sell, there is competion in this area. If you find a foreclosure, make sure you are ready to make a strong offer, and make sure that you are pre-approved with proof of funds in place.
If you want a reasonable buy, you might consider the area north of 210 freeway, you get more for your money per square footage, and the units are much bigger at better priced. You might want to consider having your son drive a two miles and buy something more reasonable. If I can be of further assistance let me know.