So, in order to preserve the value of the property, you may need to make a repair, now the issue comes into play as to how you recoup said capital expense.  

In a duplex if you have a unruly tenant playing loud music disturbing the peace it affects one other tenant.

We love taking our bikes over and riding along the hull road and playing on the beach. 

When I am not working my 8-5 business development job, I enjoy being a dad and/or playing soccer.

That is probably a good play too.

When I grew up my friends were playing outside and I was installing windows with my dad.  

This might have been a decent speculation to play when the Austin market started appreciating 4 or so years ago.

I'd probably have to recycle everything back into the house to make it a nice rental.Vacancy- as a %. (8% represents 1 vacant month/unit/year)If it's a triplex, I'll guess one apartment is always vacant to play it safe, so 33%?

Obsolescence comes into play as well.  

Of course, there are strategies and games the pro HOA auction buyers play with the mortgage holders afterwards, as discussed with the attorney you referred me to, but the mortgage remains.