Now, in 2024, we're seeing $4,000 per month just on the main unit and $1,800 on the other unit of the duplex.Long story short, it's a long term play.

I am considering getting into this space (looking at some courses), but worried that its too late, and that deep local market knowledge/understanding of buyers/connection with developers etc is required to make this work, which only incumbent/long term investors will have and would be hard for a new entrant starting from scratch to catch-up...is my hypothesis valid in your opinion ?

Think of it as s long term investment that will save you headaches down the road. 

I do a bit of flipping, BRRRR, long term rentals, and wholesale.

Start to evaluate deals based on the income approach and you'll do much better long term investing. 

If you’re leading it to a company be sure to have in your lease explicit information about who is responsible for what in terms of maintenance.

It was purchased from MLS as a long term buy and hold rental.

Since I am entering this field in the latter part of my life (63), I do not want 'long-term' investments as I am not interested in making millions, but having enough for the remainder of my life to 'Vive La Vida Loca'!

Sometimes a 5-10 unit DSCR loan is solid terms, but I'm quoting 7.4% ish for 5+ unit, DSCR.

I would also weigh if you plan on staying in the home you are in now for a long time or move in the next 5 years.