They plan on doing a restaurant/yoga studio on the ground floor and a hostel type housing upstairs.

New electrical to get it up to code (1 cloth wiring, mismatch breaker, couple oversize breaker, new wire, conduits for water heater line)13.

now back out 600 for rent back out 200 for utls cable etc. back that leaves your tenant with 1000 a month before any tax's taken out.. to pay for car  gas  insurance clothing food kiddos dog dog food.etc etc.. you can see why the 600 dollar renter by and large is one flat tire from missing rent.. or say Christmas comes around.. now lets take the 1200 dollar renter run the same math.. 3X  3600 a month to qualify.. 1400 for rent and utls. leaves 2,200 a month to live on etc.. or double the stability.. this is why the risk is so high.. 

I then covered the cloth and drain with 3/4 in clean gravel; one more layer of that cloth and soil on top.

On the flip side, I've had tenants leave behind HDTVs, heavy duty industrial socket sets, box springs and mattress, cajun food, beer, flame resistant clothing, and about $100 in change.Probably lost $2000 worth of my things over the years. 

But he was also hanging out there for 8-10 hours folding clothes, watching TV, etc.

That's awesome that at 20 yrs old you're more interested in saving/investing instead of going out partying or buying expensive cars/clothes/etc.

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Hopefully you will find metal jacketed cable that holds the copper within it, and the copper will be coated with a rubber/plastic, and not cloth and tar.

I have a cloth play tent and camping toys (battery lanterns, felt foods, teeny pots and pans, colorful flashlights) in the kids’ room.