Pros/Cons of purchasing duplex next to currently owned duplex

[Kyle Hipp]

I was recently contacted by the owner of the duplex next to mine. I met the owner as we were both at the properties doing some work. I always make it a point to meet the neighbors and try to exchange information. Well last week this owner contacted me and asked if I was interested in purchasing their duplex as they are looking to move in a different direction.

I did a walkthrough of the property and after some thought I was able to develope a strong long term plan for the property. The house needs asbestos siding and wood lap siding striped and new siding put on in order to have good curb appeal. I have dealt with asbestos siding before and don't have an issue with that. The rest of the house is in great shape with some layout issues that I have a plan for. The deal is skinny but as a buy fix and hold investor it fits my criteria. They are open to seller financing which is right up my ally.

My question lies in the potential pros and cons of owning two duplexes next to each other. With the siding work it will definately bring up the sight of the neighborhood and so the property value and rentability of both properties. Does anybody have any experience like this and see any pitfalls or bonuses I might be missing... Thanks in advance.