You want to factor in location, condition, bed/bath count, and square footage.

Social security, I would have to imagine that is about $30,000 per spouse(atleast).You are likely guaranteed $150,000 just between the social security and annual return on the 1.5 million not factoring in the IRA withdrawal.I think that is a healthy balance to retire on.Maybe, you can't be extravegant but a very respectable life.Congrats!

Make holistic value buys--time, price, quality, reliability all factored in.  

Set up will vary depending on a number of factors.

Consider factors such as location, property condition, future development plans in the area, and your long-term goals.Remember, patience and persistence are key.

It's so hard to determine the ROI of amenities given there are so many factors. 

There is a time factor that needs to be accounted for as well.In my opinion - you will need to be able to reasonable achieve 2-3x the rents vs. the alternative for room rentals to be worth the squeeze.I'd check to see what other folks are renting individual rooms out for to see if it makes sense diving into.

Quote from @Ethen Sanchez: Quote from @Alex Olson: @Ethen Sanchez While I don't know STL as well as KC, yes crime rates play a factor.

While it may only cash flow a set amount each month, don't forget that the principal on your mortgage is also being paid down and (in the long term) the value of the complex is going up.Are you able to invest that money elsewhere (factoring in cap gains or 1031) and do better?

The appealing aspect here is the ongoing population growth and other economic factors.