Hopefully during that time the house appreciates (always a gamble and never guaranteed). 

You can have a cash-flowing property that has a loss for tax purposes, primarily due to the effects of depreciation (a non-cash expense).If you have a negative cash flowing property, then your only financial benefit as an investor is the gamble on property appreciation.

I know I’m ignoring any appreciation, but I hear over and over again not to count on appreciation because that’s a gamble.

Sky-high rents on uncontrolled apartments, because desperate renters have nowhere to go -- and the absence of new apartment construction, despite those high rents, because landlords fear that controls will be extended?

It could appreciate but I consider that gambling.

You'll have guys gambling on the side court and people possibly getting shot over a game or down😳.

Could also use removal of vinyl siding and painting but that's always a gamble since we never know what we'll find under the vinyl.So as you can see, it's not a great deal, but it's a free duplex with the financing (albeit not great) in place.

Not much new in the findings we didn't expect except for visible termite activity (doesn't seem too big or uncontrollable) and water damage to a bedroom window frame and interior wall due to a poorly installed AC unit and subsequent rainwater entering the house at the installation site (also reasonable to repair and capital budgeted for the fix).  

In my area most buyers pay cash over pay for a duplex for 1M, They gamble on potential rental increase and appreciation.

I love Las Vegas, not even for the gambling but it just offer so. much.