Owner occupied property conversions

[Duane Ward]

My wife and I are looking to get our first multi property to buy and hold. Ran across this one and wondering your take on if this is worth looking into further. We were debating on using BRRRR on the property with a 203k.

$599,999
5bd/2ba duplex
Unfinished basement
Finished livable attic
$13.7k taxes

1921 built Lemon on sfh block in sfh town. Former accessory, rezoned to owner occupied multi just before listing. Delivered Tenant free.

7 min walk/2 min drive to major public transportation hub. 2 min drive to local highway. 6 min drive to interstate. Extremely low crime area.

Only 2 other rentals in the area: 

$3600 2bd/1ba home

$4k 4bd/2ba home

Comps $625-849 depending on age of the home. New construction 1.2MM

Needs 2/3 reno, 1/3 cosmetic.

Saw cracks in outer cement wall as well as higher on the wall towards the ceiling interior and where the ceiling and wall join together. Separate meters.

Property seems to have been relisted 12 times since May 2020. Originally listing for $449,999 in 2020. Bumped to $579 in 2021, then just relisted again 3 days ago for $599.

Havent spoken to any contractors or structural engineers as of yet. Just viewed the house 2 days ago. Wondering if this is a possible gem or seemingly pyrite...