Or what is the main part of house that you look to work on to add value?

Appreciation, factor that in and it could make sense.

With the ground lease you are not usually getting any tax depreciation like with a NNN building where most allocate 75% value to building and 25% to land.Many other factors.

The Duplex is in the Parkridge area of Knoxville and is currently two 1/1 on the main level, with a stair case down to the basement that used to be a two car garage.

My main concern is preparing for a life of living off of rental income, which hopefully is within the next 7-10 years.

I'm mainly interested in buy&hold rentals.One question I'm always wondering about is how are investors selecting areas to buy in? 

@Frankie Woods  I'm mainly interested in multi-family as my tenants would be under one roof and I feel that I'd be able to pay the property off quicker due to multiple rents. 

Mainly, the systems implemented are fascinating (VA, automated offers, etc.)

It already has electric, but it's off the main house meter,  If I do a submeter then we have to read it and calculate each bill, which is hard for tenants. 

Do a risk assessment of these factors, then develop your strategy.You will have a stabilization period with possible negative cash flow, but once you get through it you will have a much easier time with your own tenants and lease.