This 5-unit came with renovated rooms, new siding, and roof.

You're leaving over $4 grand on the table annually by not adjusting to the market, 

On a fairly straight forward RE deal there probably shouldn't be a ton that can go wrong to begin with, but if anything does, why would you and your father fall out over lower than expected returns or losing a couple grand?

I'm from Grand Rapids Michigan and I have considered investing there but haven't done so.

Additionally, since it looks to be turn key you arent leaving any room for forced appreciation. 

I'm in the process of retrofitting my duplex in Ottawa - a relatively easy one, just adding some sprinklers in the furnace room (self install + inspection for ~$1000) and some drywall in a basement hallway.First question - does the fire-retrofit inspection add value to the duplex, generally, in your experience?

I did this for the rental we are closing on this week - mostly so I could visualize it myself but I figure if we start to show the property early, we could share it with prospective tenants or have print outs in each of the rooms for people to see.

My $1300/mo lease ends this June, I'll move into an investment property and AirBnB out 2 rooms while living in the 3rd.

The right questions to ask is does the area have room for rental growth?

It is a town with many hidden gems, property wise and other wise.I currently invest in Grand Rapids, Holland, and Kalamazoo, MI, all of which are fantastic markets in terms of cash flow, vacancy rates, overall stability, low unemployment and population growth.