I was actually thinking about that after I posted.

I had the initial call with a PadSplit sales person, but I wanted to talk to somebody who's actually doing it to get their perspective and advice.

There are the obvious pros/cons of a duplex but then there are the non-obvious ones that come with being in Detroit.I actually have a fantastic article about this I can share but I'm unable to link to it in this post.

@Joe Michaels, What a lot of investors will do is to use the 1031 exchange as @Michael Plaks said, isto actually "acquire" additional depreciable basis. 

I was wondering if anyone has these same issues in their market, and how they've been able to skirt the mania and actually find real serious deals.

It's the equivalent of the guy with the expensive car and big house acting rich vs. the actual rich guy that lives in a modest house, drives an old truck, and buys his clothes at Costco.

The mechanics of the transaction were actually very involved and some of the most intricate and detailed of any transaction I've been a part of, however the results were worth the effort.

The big thing that determines the price is what actually has to be done and the finishes that you select.I know you said it is a gut remodel but are the floors still good? 

(This actually happened to me in VEGAS.

I learned a lot through the closing process and also as an actual landlord having to deal with issues.