Napoleon Hill says all you need is a burning desire so you're half way there!

It is in a desirable location, and the neighboring houses sell in the low $300's.

These 2 parties have to work in conjunction to aid you in reaching your desired result on your claim. 

If I can buy lots in an area that has a good rental market (I actually don't know of many areas around me that don't have a good rental market) and can build for ~20% less than I can buy turn key (as I stated, I have no desire, nor the time, to try to find the really good deals and rehab them), then that makes sense to me.

Hasn't impacted the rental desirability in a problematic way, but it would probably be a drag on sales price (at least until that property owner/hoarder passes away or moves on)...

About the property: Duplex- both units are 2bdr/1bath, in a desirable school district.

These factors must also be considered as to the desirability (which reflets on marketability) from one area to another and such assumptions can usually be shown in the market.

My advice would be to find someone in your area who has been investing successfully for some time and see if he or she has the time and desire to mentor you.

I mean, how does it all stack up for an ethical investor - getting the most desirable interest rate of 0%, not being able to sleep at night knowing you didn't disclose, hoping the seller will not get caught by the IRS ?...

Also being able to get houses in desirable areas at discount prices is very important.