It is in the Midtown Area of Grand Rapids.

At the Grand they are very expensive (I guess 800 plus)2) I believe for that price you are buying a share (likely your 3 months assumption so ....

Keywords: Grand Rapids Michigan

What real estate form is best used for this in Grand Rapids?  

There's also the consideration that it may cost 5 grand or so to get it cleaned up to the point where I can get a renter in there.  

Feels like this is a grand slam especially given the monthly rental income. 

The rented side is paying below market rents and needs renovating--cosmetic stuff, but still a few grand. 

There are two (yes, only TWO) duplexes/triplexes for sale right now in ALL of Elk Grove.There is a Duplex on La Nuez Dr offered at $315,000 with rent's of $985 each side, hardly passing the 0.60% test let alone the 1% test.And there is a Triplex on Rancho Grande Ct offered for a whopping $520,000 with total rents of less than $2,800 and scores even lower on the 1% test.Put simply, there are better rental markets out there amigo.While you might be able to find a rental with no rehab needed in a great area, and possibly great tenants, the prices are simply too high and the inventory too low and due to most people living there wanting to own the home you may go awhile in-between renters when your high quality tenant saves up some cash and buys a house.

I pay the water in my 3 Grand Rapids Properties.  

At two grand cash per year your going to be negating with a single months vacancy plus re-rent costs.