Unless you're renting to people who cram dozens of people into every corner and share beds, etc....I would go high class and do (2) 10 x 12's, that's only 240 SF and leaves you 300 SF for living/kitchen....do a Jack n jill bathroom between the bedrooms...

When house hacking, it's essential to focus on renovations or upgrades that add the most value - think kitchens, bathrooms, and any structural necessities.

Try looking into zillow/Redfin and see what your potential rents you can get near the neighborhood by filtering the bedrooms/bathrooms of the intentional property that you are planning to buy.

There is not a bathroom in the building so unfortunately only option is a Porter Potty.

There is not a bathroom in the building so unfortunately only option is a Porter Potty.

Also, there are no doors or trim in the house, and one of the bathrooms is bare studs.

More than four months rent were lost between missed rent payments and legal fees to evict the tenant.The next tenant was much better, but had frequent complaints regarding legitimate problems: -bathroom sink hot water knob that didn't work-rat urine smell coming from the vents-water leakage from the toilet(I understand that problems occur, particularly with properties of this age, but it was surprising/disappointing considering I paid Ohio Cashflow $64.9k for a property they bought for almost half the price, then, even after having done improvements, still required frequent repairs.)3.

It needed a new roof, new septic tank, water heater, well pump, hardwood floor refinishing, light reno in kitchen (paint cabinets, replace countertops, 1 new appliance), full bathroom renovation on 2 bathrooms cleaning up wood rot on siding, painting exterior.

BRRRR - If there are savlable parts (i.e. solid floors, and decent tile in the bathrooms) I will rehab what is needed, refi, and put a tenant in there. 

Larger-scale projects like full bathroom remodels, kitchen remodels, or primary suit additions tend to cost homeowners significantly more and return much less on the investment.