@Josh Ball Ohhh hmmm that's a good idea! 

.$550,000 property: Tenant stays 2 years; between tenant renovation cost is $3,000; carrying cost is $3,000/Mo, it takes 3 months to renovate and get a tenant in the property (due to the much smaller pool of potential tenants at the required income level).

I come in with a low ball offer “as is” for them to take it or leave it.

I’ve been investing in condos in South Florida since 2009, and after the pandemic the situation clearly deteriorated.In one building I invested in, the HOA spent about $140,000 replacing pool furniture.

@Ruben LopezI think since both units are 2/2s, which usually rent more easily and appeal to a larger tenant pool and because the second duplex is less expensive and already has in place income, for me it probably pencils out better.

This may or may not be based on the value of an appraiser's opinion, plus many other factors such as how good the listing agent is at attracting a qualified pool of buyers. 

That should help give you a ball park.Good luck.

That means making a lot of low-ball offers, knowing most will get rejected.

So you can either get the same or better return (risk adjusted) investing in a mortgage fund, pool or REIT, or try to find that “needle in a haystack” outlier.Paying full loan balance for a note is not where the real ROI is; it’s purchasing a note at significant discount to remaining loan balance and “working” the note.  

We took it off market, poured some money into it, fixed up the pool, the landscaping, the kitchen, paint and a few other nice pieces.