However if I were staying I would very much prefer to have a living space to wind down in while watching a movie on the couch and the ability to cook a nice breakfast in the kitchen.  

I believe that is Before tax cash flow/ (Total Annual Expenses + Annual Debt Service) This will give you a percentage that will tell you how far off your numbers can be and still break even.I understand Dave Ramsey's point and my personal coach Steve Cook also preaches debt free investing.

@Kevin Cook, thank you.

Those customers declined both offers and stayed in a STR where they could cook, do laundry and sleep in their own room for less money than the cash rate. 

Cook has a great article on the Shenandoah Valley regulations, I'll let him resurface that feed. 

Aloha,When you are renting out rooms, you need to have a set of "House Rules" that apply to everyone, and cover such things as quiet hours; overnight guest limits; no food or cooking in bedrooms; cleaning and trash removal responsibilities; specified storage areas; use of common areas; guest parking; pet/no pet policy AND an Assistance Animal policy; etc.

That’s the same for Cook County here in Chicago.

She's a loud talker, has loud phone conversations, loud homework help with her kids, loud cooking, loud everything, and the walls are thin.

Heat, cooking, clothes dryer).

@Daijamonet Cook depends on what your goals are.