You’d get a consistent income which might bring you more income on a year to year basis than renting a room on Airbnb here and there.

Even if the cost of the rehab doesn't increase the value of the property much it might be worth while BECAUSE you are doing the rehab to maximize RENTAL income NOT ARV because its a rental and you aren't doing a BRRRR. 3.

You should be able to use departing residence income from the market rent when qualifying for a new primary purchase.

The ground floor was redesigned for retail units, while the upper floors were converted into modern, open-concept office spaces.Modern Amenities: Introduced features like energy-efficient lighting, upgraded HVAC systems, and high-speed internet infrastructure.Aesthetic Upgrade: Refreshed the façade with contemporary materials while preserving historical elements to maintain its character.OutcomesIncreased Occupancy: The property went from 40% to 95% occupancy within six months of renovation.Higher Rental Rates: Upgraded spaces commanded rental rates 30% higher than before.Enhanced Property Value: The property's appraised value increased by 50% post-renovation.Investor's ROIBy investing in smart architectural design, the investor not only revitalized a neglected property but also significantly boosted their ROI through higher rental income and property appreciation.

Also, for DSCR, they do not use the actual rental income on tenant-occupied houses.

Both generate passive income streams without you having to clock in at a 9-to-5.🏗️ Building Equity While Others PayWhen your tenant pays rent, they're helping you pay down your mortgage - building your equity.

I told the couple that I got an offer for $1,700 but wanted to ultimately rent to them but need the income.

This could help decide if the income is enough.  

One thing to be aware of is the FHA multifamily self-sufficiency calculation which determines if a property can generate enough rental income to cover its mortgage payments.

Typically, I run a current income/expense column next to a ProForma column to show potential value add opporunties.I agree with @Robert.