I recommend determining your set price point plus closing cost expense and then calculating what minimum rent would be required to cash flow the property. 

After that, I got a large dog crate and set it up in the master walk-in closet. 

I am thinking I'll have to set aside expenses to redo the wiring, plumbing, etc and bring them upto code. 

Are you setting a one person per room limit? 

Its not a set price per unit or building but rather a percentage of income to debt.

Your thoughtful approach sets you on the right path for success!

The Taxable Value is uncapped and equated to the SEV upon a sale or other transfer of property ownership, with limited exceptions.Homestead versus Non-Homestead Millage RatesCounties & cities in Michigan are allowed to set their own millage rates, with one restriction – a primary residence (Homestead) is exempt from up to 18 mills of school taxes on their Homestead property.

Set your standards up front.Raise the rent to the market max and the difference will cover the deposit in 12 months or so.

And a revocable trust which again no annual cost just initial set up.

Consider why someone would want to live there—proximity to work, schools, or other conveniences—and what amenities you can offer to enhance their experience.Key Amenities: Amenities can set your development apart.