The majority of duplexes in the area for sale currently are right around the 190-220,000 range.

A large majority of the piping is located in the basement under the kitchen. 

When economy goes down the tenants tend to move to cheaper warehouse space at less rent per sq ft or back into their home office to try and save costs. 80% of small business especially office work on small profit margins so any major shift they feel it more.Apartments in certain classes people think they are darlings and can't do any wrong.

They are starting to see corrections in the major cities.

It works the majority of the time.  

That basis is allocated between non-depreciable land, depreciable building and components that are depreciated faster.

You are not doing a big Rehab where you replace major components.  

@Rupert GrantGenerally if you're eligible for a Solo 401k, it makes sense compared to a self-directed IRA for many reasons: Compared to an IRA, Solo 401k contributions limits are roughly ten times higher.There is no custodial requirement for the 401k.You don't need the additional expense and administration of an LLC to have checkbook control.You can borrow up to $50k from the plan; IRAs do not allow participant loansThere is a built in-Roth component whereas IRAs are either traditional or Roth, not both.A spouse can also participate in the same Solo 401k plan.The Solo 401k has additional tax benefits over an IRA when investing into real estate using leverage.The penalties for prohibited transactions are less severe, though it's best not to utilize this benefit :)The one exception I can think of is if your primary goal is to self-directed Roth IRA funds.

Keep lent increases modest and wait for a turnover for any major rent increases.

Make sure you know what you are buying and more importantly that the wholesaler knows what they are selling, be on the lookout for major defects in a property.