Interested in getting some extra income with converting the extra space in the basement into a rentable unit.Basements in a one-family home can be lawfully rented only if the following conditions are met:Compliance with the Housing Maintenance Code for minimum room size.There is a minimum ceiling height of 7 ft.The walls, as high as ground level, must be damp- and water-proofed if HPD determines that subsoil conditions on the lot require it.The basement is occupied by one family and does not include boarders.Every room must have at least one window.The bottom of any yard or other required open space cannot be higher than six inches below the window sill of any required window in the room.

Those are some factors that will determine your returns.

The voucher program typically determines the amount they’ll pay based on their calculations, and you don’t necessarily need to lower your listed price for utility allowances.

At 19, you’ve already mastered what most people spend years figuring out—turning determination into action and action into results.

@Drew SygitOh, I forgot to ask - any free tool recommendations for determining the various classes of neighborhoods in different regions?

That will determine if they can have the dogs there or not.

My suggestions would be in this order:(a) Determine the type of financing you qualify for - this will short cut the process considerably and save time on investment angles and next steps.

You will have to gather more accurate operating costs (vacancy loss, taxes, utilities, insurance, mgmt fees, maintenance, HOA) to best determine potential future performance.

Be sure you consult your agreements with them as well to determine if there is some other action you are responsible for.You may also want to contact your insurance to find out if and when they may step in and do something.

Do you have some tool for determining the median credit score for a given neighborhood?