Your strategy of re-marketing a 3-bedroom plus office as a 4-bedroom home office is a smart way to boost rental demand and rental income without major renovations.One insight I’d add is the potential benefit of exploring cost segregation studies once you build a larger portfolio.

I love it for the guaranteed rent, tenant stability, additional accountability with the housing authority and large demand for Section 8 housing without enough supply.With strong screening, I'm able to find great tenants and Im not owed any rent.Cons you will often hear is that the tenants are harder on your properties (doesnt have to be the case in my experience if you screen really well), the Housing Authority is a pain to deal with (this depends on a couple things - how well run your local PHA is and how good you are at handling process & details) and the extra inspections/red tape make the niche unprofitable (see what I said above about Housing Authorities).Done right, I believe Section 8 is one of the most stable & profitable. 

As far as I can tell, travel nurses are in high demand in that area and I was thinking of trying renting to them first.

They’ll demand answers to ridiculous irrelevant questions like what’s the viscosity of theheating oil in the tank.

The pandemic fueled low interest rate boom demand has normalized, but the market is still moving.

Buying 25% below FMV is tough in a market that has 5 times more demand than supply.

The current owner has worked in the business since 1981, and owned it since 2007.Key features:- $25k minimum investment- 4 year timeline, projected annual IRR 35% and equity multiple 3.12- adjacent to public transport, in a suburb where there is both housing demand and limited supply.- operator has built and filled a similar development nearby- You can find pictures and numbers on some of the buildings they have built and are building here (https://lnkd.in/gfbdvtnf).- You can find a profit calculator spreadsheet here (https://lnkd.in/g-2m_vZA).

Also, do you think buyers in your area prefer a completely open floor plan, or is there still a demand for some separation between spaces?

The property prices are lower compared to other markets, and the rental demand in certain neighborhoods can be pretty strong.Of course, it's always good to dive into specifics about the areas you’re considering within Memphis.

Demand is there.