You see, I currently wash dishes for a local restaurant chain during the day, bring in barely 1k per month in income (after taxes), a little over half of which goes toward living expenses, and use a bicycle and the local transit system to commute around town since I don't own a car.

I don't buy properties that require an HOA and the utilities are always covered by the tenant.So if I have a market that has 3B/@B homes for $100K the 1% figure I like to apply only tells me that the rent needs to be around $1000/month.When I find properties that fit that criterium, all the other important aspects start coming into play, but all the properties that don't meet the 1% are out.These other criteria include things like the quality of the schools, the distance to restaurants and shopping, the crime rate in the area, the stability of tenants, meaning how long are typical lease agreement.

thank you. im going to research what a 203K is.. meanwhile i have been thinking of properties with rental units above a store front/restaurants.

I wanted one done to determine my offer, however, the utilities were shut off and they were unwilling to turn them on (I even offered to pay for the costs associated with..).

I can give you a couple of recommendations for restaurants!

There are a bunch of bars restaurants and other businesses on Bridge Street.

The subdivision exits to a main artery with mixed businesses (offices, small supermarket anchored plazas, chain restaurants, public transportation, etc.)A 3/2 in this area is $850.00-$950.00.Hope that answers all.

As a matter of fact as quoted" to me just recently by a PL that I used in 1991 but, is shutting down ..because I can't see people being abused like that and QUOTE:  With the NEW Banking Regulations Obamaboy has created a new PL Enterprise similar to payday loans" and making a lot of PL's rich ... and practically overnight but I'm not interested in  Obama scamming my former clients..JohnR

But if you buy a building of all studios and 1 bedroom apartments then your renters will more likely be young singles and couples who will want to be near work, restaurants, bars and other entertainment.  

This is something I plan to do myself when I start renting, plus including an overlay showing from which angle each listing photo was taken.Also one inside one of the kitchen cabinets to help illustrate what size the furnace filter is, what type of battery the garage door open, thermostat, and whatever else takes, where the water shut off valves are, etc.