Construction hard costs for sticks and bricks no soft costs are $125-$150 soft in most areas and goes up from there depending on the type of construction and site requirements. 

I'd say whether or not it's a wise move for you personally depends on a few things: how does it compare to your current living situation/how badly do you want to live there and how long do you plan to live there (whenever you're talking about your primary residence, there's a "soft value" to consider)?

I believe I paid $20 a night and that included the owners bringing me a nice breakfast of bread, meats, cheeses, jams, soft-boiled eggs, and really good coffee.Today, short-term rentals are still popular but they're more commercialized and expensive.

I can tell you right now that hard money lenders have raised their rates, their LTV's, and their points to lend right now so I would tried softly, and would not want that to be the type of loan I would want to have if I had other options. 

Vintage-inspired, brightly colored (or softly muted colors), floral designs (or birds, elephants, etc.) taking over one room in a house.

This is where soft skills matter.

You are completely missing soft costs or variable costs.

Just because you live in the same building doesn't mean you should be soft with your tenants.  

@Austin V Nguyen even with your optimistic soft cost you only net $1200 per year on an investment of 44k dp and $6k closing cost. 1200/50000=2.4 cash on cash return.

I found out quickly I was "too soft" and went to a pm.