My wife and I just got into Wilmington with a studio downtown that is also doing well now, but definitely a big difference from the beach. 

They want activities, restaurants, cafés, shops, yoga studios.

I have a 5 unit which is commercial, a combination of commercial units (yoga studio, art gallery) and 3 residential units. 

The unit involved was a small studio; under it, a garage.

@Michael Greer unless it’s a small studio or 1-bedroom condo that doesn’t pass local codes for a child’s room, my understanding is that it would be a fair housing violation to not allow the child or charge additional rent or deposit.

I am looking at a property here in FL that is listed as a single family for 470k but is functionally a triplex (3/2 house with a guest house in back that has 2 units, one is a 1/1 and the other is a studio, both units in guesthouse have kitchens).

If he's recording audio (and sometimes video depending on situation and state laws) he could be in violation.

I'd look at doing development deals as well. you can do joint venture, non recourse debt above 5 million in construction. we do deals in Columbus Ohio and miami florida if it is of any interest. columbus cost per door is much lower than in miami and we focus on micro units under 600 sq ft mostly for development to get higher density, higher lease prices per square foot, etc. there is a "affordable" housing deal that has 336 sq ft studios in columbus that gets about $995 in rent which is above $3. the normal single family rental gets in the $1.6 or so range even new construction 

I’ve checked Honolulu and seen condos as low as 250k  ( studio/condotels) to 700k.

If a studio is getting $1,500 per month and the room you're renting is $800 per month you're helping someone out by saving them $$.