It was on the market for a long time because it didn't qualify for conventional financing will it being unlivable. 

., how will this impact housing demand in the long run?

Need to be creative and fuel capital in various ways to put into the long term investments.

We also have installed SimpliSafe (and signs about ongoing monitoring outside of the property).As someone else mentioned, it is best to have a plan not to go long stretches without checking in person.

How much net profit in general should I look for on a long term buy and hold rental property like this?

Quote from @Daryna Misechko: Hello, my name is Daryna and I am a sophomore in high school and I have been interested in real estate for a very long time.

I'm a new investor and I'm in the market to buy a property (single family house/duplex) for long-term rental.

Renovating a duplex can boost cash flow and long-term wealth.

The HELOC would act as en emergency way to tap into their equity if needed - as long as they don't spend it unwisely!

It takes that long to pay off your closing costs, rent-ready costs, early turnovers, etc.