I just moved into an apartment this week and on the 1st day I noticed a couple things, leaking shower and no closet doors.

Even putting a funnel and a bottle of white vinegar in the AC closet helps.

What they might charge thousands for you might can pick up for 100 bucks with someone cleaning out their closet.

Purchase Price: $150,0003.5% down: $5,250Closing costs: $3,000Rehab (adding walls/closet for additional bedroom): $5,000monthly mortgage+tax+insurance (quote from lender): $1176 (1176*12= $14,112 for year)other monthly expenses: $300 (300*12= $3600 for year)All-in cash needed for year 1, assuming absolute worst case scenario and I can't find any single bedroom renters for the first year while I am living there:$30,962 After $7,500 room and board reimbursement from employer: $23,462I plan on pricing each bedroom way below market rent at $350/month, to try to fill up each bedroom and cut away at year 1 costs.If I can rent out 1 bedroom: (23,462-(350*12)) = $19,262 If I can rent out 2 bedrooms: (23,462-(700*12)) = $15,062If I can rent out all 3 bedrooms: (23,462-(1050*12)) = $10,862BP Calculator (after year 1) assuming worst case year 1 scenario:Note: I added money to "repair costs" to change numbers to reflect 12 months of mortgage payments I would have made during year 1.https://www.biggerpockets.com/analysis/rentals/df4b1eda-9cde-41ee-afb7-f8d9cdb8724c.pdfBP Calculator (after year 1) assuming mid-scenario where I manage to average 1 bedroom rented during the year I'm there.https://www.biggerpockets.com/analysis/rentals/df4b1eda-9cde-41ee-afb7-f8d9cdb8724c.pdfCoC ROI goes from 5.7 to 8.5.Also, I plan on eventually refinancing to a conventional loan, lowering my fixed costs from about 1200 to somewhere in the 800-900 range, freeing up 300-400 more in cash flow each month and increasing the CoC ROI.Would very much appreciate it if somebody could try to find holes in my plan.

We would like to combine the bathroom and middle room to create a bigger bathroom and 1 closet for each of the front and back bedrooms.

All of the windows are within 6 inches of the floor which concerns me in the likelihood that children would be in the unit.3.The bathroom is fairly small for a 4 bedroom unit and relocating or expanding it would be expensive and difficult4.The 4th bedroom is only 7x8 but space could be taken from a hallway and closet to expand it5.I considered simply boarding off the staircase to the 2 bedrooms and renting it as a 2 bedroom but it makes me feel like I’m throwing money out the window I submitted an offer for $400,000 ($399,000 list price) which was accepted.

Basement, boiler room, storage, even closets and means of circulation (stairs) are not counted towards habitable square footage calculations.

Some of the value add projects that I have in mind are expanding the master, adding a master bath/walk in closet and also possibly adding an extra half bath upstairs.

However I have never seen (or been party to) a disclosure form saying "Broken light cover in master bedroom", "Chip in kitchen counter", "Square cut from carpet in closet".

Maybe some roll out beds stuffed in a closet somewhere or 1-2 sleeper sofas would improve the visual appeal on STR rental sites.