How to evaluate this duplex?

[Bily Elliott]

There is a duplex that has been empty and on the market for almost a year now. Bank owned, two story, built in the 30s, each unit 2 bed, 1 bath about 700 sq ft per unit. There is also a utility room on the lower level with washer and dryer hookups. Asking price was $49,900 then dropped to $39,900 back in May with no price movement since then. I have looked around the outside, it is in surprisingly good structural shape, interior in not bad, needs paint and flooring, so some work, but not a ton. The only fixed cost I know for sure are the property taxes of $1000 per year.

I called about a duplex for rent a few blocks away, same vintage, looks to be about the same condition from the outside, rent is $425 per month, tenant pays all utilities.

I have one SFH that is a rental and I really would like to start adding more, my first house I paid cash for a few years ago, and have been saving some of that rent back. I don't have enough to pay cash for this one and I assume financing will be tough, does this sound like a HML type of deal? What other numbers do I need to know before I can make an offer on this to turn it into a long term hold cash cow?