Plus photos don't tell everything-too easy to miss problems by not photographing them or being able to do things like turn on the water, check the windows, etc.

Think about water access as well-a gentle hill vs flat land.  

It is ESPECIALLY important in this townhome that's built on a crawlspace because it has a $15K encapsulation system underneath the building that protects the crawlspace and most importantly pumps water out because it's in a weird almost flood zone type of area... only gets bad when it rains heavy, and boy does it rain heavy here.   

Look for updating furnace and/or hot water heater.

@Alfred LittonWe have a great program available for rental properties. 1 million liability, replacement cost, water damage, and $2500 deductible.

The duplex is on a shared water supply.

The rental is currently w/o water.

- Utilities seem to be split in one way or another from landlord to tenant (somtimes water, sometimes heat, just depends) - $50 for lawn service per month, $20 for garbage- low future assumptions (1% growth for all, 6% at sale)- Lastly, 4.5% interest on a 20% down payment- $3000 in closing costs, anywhere from 5000-20000 in initial repairs/upgrades (varies property to property)Am I crazy?

I think water and sewer line would be the biggest hurdle besides the zoning..

I don't know your local water rates and I realize these are 3/1.5 units that probably have families.