Cheap multifamilies in the Midwest

[Adrian Mata]

Hi everyone.

I'm living in Indianapolis temporarily and I met a realtor yesterday at a wine tasting. After discussing my interest, she sent me a bunch of pictures of houses that are SOOOO cheap. I'm talking $20k duplexes and even as low at $6k. She said that they rent out for $500 each unit but I know I'd have to verify that. I'm just thinking that isn't that just a steal? I could buy them all cash and half the monthly revenue would be mine using the 50% rule. Right?

It's at least worth checking out right? It just seems too good to be true to me. If a house is $10k and gets $1k per month in rent, I'd pay myself back super quickly. I just feel like there's a catch. I'd appreciate any info or insight.