I would advertise and re-rent the unit and retain that part of the security deposit not used to offset the lost rent.

Thanks for the transparency in your experience investing in the D class area especially as an OOS investor.

That's the one I'd listen to. 

The problem with southern Wisconsin is that we don't have reliable snow coverage anymore, so you are limited to the summer season and will sit vacant for the winter.

Often, a major or emergency repair is needed and the owner doesn't respond to fund the repair.

That's how it goes with the Cleveland water department.

I don't think the two unit COA is that bizarre, you either have common areas to maintain via the COA or you have to do cost sharing on all expense by each owner sending in half.

I am not averse to something in the 10-35k range but would need to find the right mix of location and situation to pull the trigger on a project like that.

My goal would be to purchase the property, make cosmetic upgrades to the lower unit (3BR/1BA) and get that rented out ASAP so I can get some income going while I finish up larger projects like the roof and upgrading the upper unit. 

The paid off student rental plus the 2nd student rental helps pays off the mortage for 2nd student rentals and living expenses for me and my wife. the duplex was  cash flowing approx  $300 month with the old tenants We manage everything ourselves with some help from our family.