A few factors are drawing me to them but would love some insight from those currently in those markets. 

@Misook FoleyTypically a bank will not release one of the lien holders and a refinance would be necessary.As part of the settlement agreement the court may order the property and or the debt to one of the parties but again that name is not releasedOther factors do come into play such as what state it was in as some states have different laws regarding equitable interest etcI would speak to your divorce attorney about this and see what can be done

I recognize that the loans are not going to be 0% and some banks will not want to create lines if they know it's for real estate investment due to the risk factor. 

This will open up doors and expose you to different real estate transactions that go on in your market.

Now knowing that the owner is dead or some other factor like the property is boarded up, may increase your chance of getting the property.

Why would the age matter if all the major systems have been updated, or the lack thereof, is factored into the sales price?

They can be quite profitable but like any farming depend on weather factors, and market demand.

But I have been looking into splitting the duplex into two condos (yes I know it is a lot of work) and I could probably get 325-350k for each, netting me 650-700k.Number:* Mortgage interest 2.5%* Mortgage principle 240k* PITI $2100/month* Rent 2200/month (current tenant on a two year lease)* Potential rent on my side $2400/month * 100k HELOC at 11% (fixed) (not currently being used)* est additional cost to split the dueplex 75-100k (conservative, probably less)     *new siding 30k (just put on a new roof this year)     *legal 10-15k     *fire proofing 15k     * 15-40k for stuff I am not aware of or underestimated on* some of the appreciation is external from the home     *big grocery store put in 3min away     * newly paved road in front of my house     *a building that was falling down across the street has been torn down          * Still a vacant lot with the foundation exposed and fencing around it (so more local improvements are on the way)Part of me wants to take the money and run but man I love that 2.5% interest rate and the $2000/month cash flow (including taxes and capx)I have thought about 1031 exchanging into more rentals, but I would like to pivot into storage units.

Line of credit costs vs amount in taxes paid vs strategy for property...etc...lots of personal factors that go into this that only you can answer.

Factor in ALL expenses like property taxes, insurance, repairs, maintenance, vacancy rates, and potential property management fees.2.