I'm glad to see you're considering a multifamily home in Portland—it's a fantastic way to get started.Portland can indeed be a bit tricky for multifamily properties, particularly with the current market conditions and tenant-occupied units.

The uptick in multi-family construction, with 52 new units being permitted in 2024, underscores a growing preference for apartment living, further supporting upscale conversions or new developments.13210: The sales data shows a 28.5% increase in the price of 5+ bedroom homes, and other categories also saw price increases, such as a 15% increase in 2-bedroom homes, indicating healthy market conditions for larger family-oriented properties.

Price ranges were good between $210K to $285K for properties that were in good condition but could use a little TLC/renovation.

Hows the overall condition of the property > If the appraisal is marked subject to it won't be able to go conventional or DSCR 

Never mind that I have never had a problem with any landlords prior to dealing with this bum and always pay rent on time and always keep photo evidence of leaving properties in excellent condition. 

Considering the area and condition of the house, room rentals seem to make more sense.

Explain your intentions to the seller and tell them you'll get them their asking price.2) Get it to cleanest sell-able condition with minimalistic staging3) Put out an ad that next Saturday and Sunday there will be open house with open auction and the place will be sold to the highest bidder on Sunday evening.

That's where bad experience/nightmare come in.Lastly, to answer your question, to build a basically designed, square/rectangular house without crazy jigsaw puzzled cuts on roof, the following price is a good competitive construction only price for what you need to do:Around $165 per sq ft on conditioned space (for an average 1200 to 1800 sq ft house, 8-9ft high ceiling, everything is investor grade finishes), $90-100 per sq ft for garages/unconditioned storage, $60 per sq ft for porches/opened spaces.  

@Ravi KaruturiHello RaviI hope your enjoying the weather down there in Texas, I don’t personally live there but I would love to jump on a call and discuss your situation.

The other comments on this thread may be correct for their part of the country, but in Chicago, you need to abide by the RLTO which states  "(h) "Rental agreement" means all written or oral agreements embodying the terms and conditions concerning the use and occupancy of a dwelling unit by a tenant."