@Aaron St. Clair
I have two duplexes in my portfolio and live in one. I can't tell you anything about the market in Lubbock, TX because I don't live and operate there, but I can definitely tell you that if you want the life of a local real estate investor, this is probably the smartest step you'll ever take.
Of course, I was operating/renovating four SFRs before I moved into my own duplex. That's because I was a moron. But I went whole hog, at least. I bought my first duplex in unlivable condition for $45K cash on the barrelhead, spent three years of my spare time making the upstairs a nice apartment and the downstairs liveable on a shoestring budget. That's when the rewards are sweetest, Aaron. When the costs of the thing are so low that you can live free off the rent that the other unit is generating, it adds to your life.
I would recommend reading Set for Life by @Scott Trench and looking at his data about living in duplexes. If you're the kind of person that needs hard math and graphing to understand things, this is completely the book you need on building wealth through duplex living.
If your wife is behind you in this idea, and can see it as a move to financial independence, congratulations, you're in the small minority, as I am. This will probably not work out well if your wife is not fully on board. If she is, it will work wonderfully.
My last piece of advice is to buy a few books and learn to self-manage this one unit. Spend an outsized amount of time learning how to do it, even if you believe right now that a third-party property manager is the way to go for you. Investigate how to vet tenants properly, there isn't a one-size-fits-all approach, and the resources and limitations of your locality should play a big part in determining the technique you use. Feel free to contact me if you have further questions about this.
