Yes it needs a closet and a point of egress to be considered a bedroom, and more bedrooms typically equal higher appraised value.  

While they typically have considerable deferred maintenance, we're getting great terms.

Just curious, what is a typical LTV I can draw up to with a HELOC on primary and investment property? 

@Hiyun Park only experienced investors can DIY everything in Class C Midwest areas like Detroit, Cleveland, St Louis, etc.Hopefully the info below will help you:-----------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

What's a typical down payment for commercial multifamily?

Most out-of-state investors looking at Detroit are typically focused on cash flow, which means they're usually targeting C or C+ neighborhoods.

I host a group for midterm rental operators and I had 2 people in last week's meeting essentially say the same thing.

@Richard Benjamin WilhiteSince you inherited the land, I believe your cost basis is typically the land's fair market value at the time of inheritance. 

Essentially though you need to go off-market.

While I haven’t chosen a specific niche yet, I’m leaning toward purchasing a multi-unit apartment where my 20-year-old son could live and help manage while we rent out the other units—essentially a form of house-hacking.So far, I’ve connected with a few real estate agents and gained MLS access, which has been a great starting point.