Because I'm a licensed real estate agent, I found this opportunity through my weekly searches and knew it was in a prime location and held a coveted short term rental license, which has become a hot commodity in the area.

I hope you are working with an excellent agent or broker, they can create leverage and opportunity for you while protecting your interest. 

Nice work - congrats!

I have an opportunity to purchase a duplex property walking distance to a SUNY University. 

Second, if you want a nice house in a nice part of town, you will have to pay for it, so will likely need to raise your purchase price.Third, if you want to go off-market, just know you are trading a lot of time for the possibility of maybe finding a deal.  

What opportunity is there? 

Plenty of opportunity here. 

Additionally, it provides investors with the opportunity to add a unit on a property they already own, simplifying management since the new unit is in the same location.Finding a vacant lot is both expensive and difficult, so the ability to build, subdivide, and create new development opportunities can make financing easier.

And the nice options downtown are too expensive to even consider cash flow.  

It would be nice to cash flow and I assume that is rare so appreciation is the goal within the next 3 to 5 years.