Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Obviously it will cost money, get some quotes.

Determine Your BudgetSet a Realistic Budget: Consider the cost of tuition, living expenses, and your financial situation.Mortgage vs.

Begin by targeting distressed properties in gentrifying neighborhoods, securing financing through hard money lenders or private investors, and focusing on cost-effective renovations.

It costs money to own and operate real estate which is why you need a primary source of income. 

Most likely trying to find a sucker to buy this and take over the costly legal battle they are entailed in.So next time someone is like "yeah just get a deed in lieu at closing", think twice about that.Actually, I use the deed in lieu.  

Don't know how much renovations will really cost, again, either PM or GC conversations.  

I have "XXXX" of debts every month, and make "XXXX" every two weeks.That will find the cost of duplex you need, though you may need to verify it is using current FHA guidelines as they have changed recently, so make sure you use that. 

Let's say at 6% over 30Yrs will be about $960 per month(Principle/Interest) with the remaining  interest only portion $40K costing roughly $200 per month. $1500- $960 + $200 IS $340Cash in your pocket after everything roughly $1500-$1160-$340 which is not bad for a 100% financed deal(INFINITE RETURNS)Now, If you ran this analysis on a 1% deal as @Nicholas L. mentioned you will undoubtably end up in the red each month.All the best!!!

I have not looked into this but, if process ramps up, could cut construction costs, time to market and massively increase supply, too.