If the schools, streets, shopping and entertainment areas look like a C, attracting residents to pay the higher rates by upgrading the property to a A/B as you suggest (higher than the surrounding area) is typically not going to work out so well.  

I think REI is the best path for me to take to increase my capital with passive income and short term goals, Long term investing is not something I want to start out with.

My main question is what kind of market do you think you'll be attracting with a 4BR furnished rental?

I let them know that I am looking to increase my buyer's list and wanted to know what type of properties they purchase.

It's extremely cheap for a duplex, and then combining that with just the look of it...my hunch is it's going to attract a very specific type of tenant, and one who could cost you a lot of money.

So when it came time for the lease renewal, we got an attorney to make us a strong lease according to michigan's state laws and handed her the lease, the price increase to $1100 plus $50 for the pet if she wants to keep it.

My father is in the real-estate game and with the previous experience I got, I've realized that this is definitely something i enjoy and would like to pursue.For the passed 3 months I have been concentrating on increasing my real estate investing knowledge daily through books (7), many podcasts and articles as well as youtube videos.

The property fell in my lap at a really attractive price and I thought I would be fool not to try and pursue it further by utilizing my network. 

$200-$300 cash flow is a good number after all expenses but I would find a way to increase your COC return. 8% is pretty low but if you can find a way to have less of your cash into the property, your COC will be higher and you'd have more to invest in other properties.

My strategy would be to hold onto this property for 20 years while my parents receive the income and then cash out when the market is right.Rent: 8% gross salesCap Rate: 6%Base Term on rents: 11 years with 3 10 year options.In my projections I'm assuming sales increase 1% a year below 3.5% inflation.Using this conservative assumption IRR is close to 9.5% over 20 years (assuming an exit value with 7% cap).Does this sound like a good investment strategy?