A few years ago, when I was pregnant with our youngest son, Derek and I were going to buy a duplex. It was very reasonably priced and the income potential was amazing. Not to mention, it was located in one of the most sought after downtown neighborhoods in Colorado Springs.
After we got our offer accepted, we had our inspector come “take a look” at the property. Yes, the wood paneled walls and the shag carpet had to go, and the kitchen on one side needed a face lift, but this was all well worth the “passive income” that this property would give us. We even considered living in one side while we “fixed” it up, as the schools were great in that area, and there were a lot of kids around for our older son to play with.