While the traditional approach involves buying a multi family property, living in one unit and renting out the other - with rising prices and interest rates; others have considered renting out bedrooms as unit spaces. 

I would purchase a duplex (or even better, purchase a SFH with as many bedrooms as you can afford and rent by the room), and then slowly improve the property. 

I have recently bought a 2 bedroom single family in Cahokia.

My cabins (1 to 5 bedrooms, all with views, and all except the 1 bedroom is further from town) are still performing well and most are on track to meet or exceed 2023 returns.The days of buying and everything running easy with people filling your dates and throwing cash at you are over.

If the property breaks even, or operates in the red currently, it will only operate deeper in the negative (unless you find a strong ROI like creating more bedrooms, convert a non living space to living space, etc) with another loan. 

Computers can analyze property based on subjective data (square footage, # of beds/baths, etc.) but cannot calculate for objective data (quality of kitchen cabinets/counters, size of bedrooms and bathrooms, view out the living room window, etc.).You should study the market yourself.

@Cole HarrisKeep in mind that square footage has a lot to do with pricing as much as bedroom count and/or revenue. 

Something like a house hack, rent out extra bedrooms in your unit, rent by the room, mid term, short term rent the owner occupied unit on busy weekends (and go stay with friends/family)...get really scrappy.

And what you've also seen is people that were renting 3 bedroom cabins are now deciding they can get by with the smaller one and two bedroom cabins. 

Maybe have the principal bedroom with their own bath at 1500 per month and two other bedrooms that share a bath at 1300 per month each.