Duplex w/ a CELLAR?

[Ulrich Faircloth]

Hey Everyone,

So...since our plans for qualifying for an amount needed to place an offer for a much better duplex has practically failed, my business partner and I are deciding on whether or not we want to go after this 3 bedroom (per unit) duplex or if we should just rent together for now. 

Here are the pros and cons:

Pros:

• Low expenses; will cash flow well after both units rented
• Newly renovated; clean
• Cub Foods is 5 minutes away
• Two blocks away from bus stop
• Close to highway, Downtown and a university
• Close to the River and parks

Cons:

• Low-income area
• No garage (but fresh black-top), but space for building one (3-door, potentially)
• Has a CELLAR instead of a basement (how does that work?...)
• Rooms are small
• Poor phone signal (one or two 3G bars) and lack of internet service provider options (no US Internet; only CenturyLink)
• Not many restaurants
• Poorly rated schools
• Far away from Minneapolis (where I currently live; 25 minutes away)
• Would need to probably get a new mailing address for online business (due to potential theft)

For anyone who lives in the Twin Cities area, its in Dayton's Bluff. Is that a good area to invest in?? Seems like most properties are either there or in Payne-Phalen. Trying to decide if we should maybe go with this or just rent for now...and on limited time; quick decision needs to be made. 

Thanks!

-Ulrich