I just finished a 2 unit gut condo conversion on Cottage Street myself.

Our first house was an owner occupied cottage in England that we repaired and sold. 

I am having great difficulty with the layout of a mill town, old cottage (1910). 

There are lots of cottages (<900sqft, 1 or 2 beds) that just don't seem viable as rental investments, and a lot of decent homes (2-4 beds, 1000+sqft) that are $50K above what I can qualify for with a mortgage -- and that would only rent for .06-.08 of their purchase price. 

I can tell you that I have a stand alone 1/1 beach cottage with it's own kitchen, bath, patio space, etc a stone's throw from the beach and there are nights when I'm dropping it to $69 to get it rented.

A small cottage home on a dead end, wooded street just outside of town with an asking price of 39k (should rent for 600).

I have found a nice property that later a could possibly add a cottage unit later.

Cheese, Tuesday we had our annual special breakfast on her actual birthday, yesterday Kahlan and I went to a Nature Center followed by lunch with my brother and a friend (my wife was holding an open house), and today we all went to the Kansas City Renaissance Festival.

My grandparents had a cottage in OC from the 1950's-1980's, so I grew up going there for the summers. 

@Emma McGwin Who Moved My Cheese by Spencer Johnson