I'm Paul from NorCal, passionate about real estate investing for long term rentals I'm particularly passionate about finding deals outside of California Excited to learn and connect with you all! 

Quote from @Rou Odab: Some of these things would come up on a home inspection, but since we are past that I would do a couple of things.

From there you can start to identify what you are looking for.Where do you land on the follow spectrums:Cash flow and AppreciationLong term or Short term needs (waiting for growth vs get out of my W2 now)Long term rentals, Mid term rentals, Short term rentalsBuying close to home or coast to coastSelf manage or hire a PMIf you can narrow in on those, you essentially have your buy box. 

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

I do have some investment experience and I'm currently managing 1 property, all the numbers are great and there's a good amount of cash flow and long term growth so I'm not a total green horn. 

I'd sell because you are reaching the time when you lose the cap gains exemption and that $24K would take over 2 years of renting to get back.I had a condo that I owned for a long time and I sold it despite it being paid off and having long term tenants. 

I just want some outside eyes to help me understand if this deal is what I should expect to find as I build my portfolio.I plan to buy and hold long term.

Hey @Katherine Lewis, I have always felt this was a tougher row to hoe overall.It's not that it couldn't work, but the juice might not be worth the squeeze.If you go all in you have to do it for the long haul.

We are based in Memphis and happy to provide any insight or feedback. 

Comparing just those two things, you would save way more money in the long run by avoiding the annual mortgage interest.