And unless you go into some very rough areas, you won't find double digit cash returns.

I thought it might be looked at as a 2 bedroom if college kids use it to split the rent or something.On the other hand.

I noticed your double standard in your reply as you don't mention the thing that is "eerily similar to what we've heard...". 

We bought it for $425k 5 years ago, did a number of improvements and more than doubled the NOI in about 3 years.

A ceiling in one of the bedrooms need repaired as its "sinking" in.

I have used them, and my income has doubled.

I would have figured being short-term that the cap rates would be about double that. 

- You can rent out the bedroom you would normally occupy.- Most cities do NOT care if an owner lives in basement, but will not allow a tenant to unless baement has legal egress window.3) Check local statutes if any limitations on how many unrelated roommates are allowed.4) Check with local building dept to see if rental inspections and corresponding requirements.5) Local statutes allow locks on bedroom doors?

Hi There - We have had several clients make the numbers work here in Chicago typically with either FHA 203k and home style renovation loans.I continue to remind everyone that a single or walk right now will be a double, triple, or even a home run down the road. 

Have no more than three bedrooms.