I even posted some time ago for this very definition as the phrase is coined in BP.

We have a coin op laundry in the basement of our building and we were able to double the price from $1 per load to $2 and still be the cheapest laundry option in town.Good luck!

So many talk about this being some new model even on BP they think they coined the BRRR  well that was started by us in 2001...

After construction, which I had estimated at 200-250k, it would have three 1 bed room apts, two 2 bed room apts, one 3 bed room apts and a coin operated laundry for the tenants.

Housing hacking is a term Brandon Turner coined here on BP for when you buy a multifamily property, live in one of the units, and rent out the rest.

I did come across the following deal: Property: Victorian 4-Family (8 Bed, 4 Bath) (2Bed, 1 Bath per unit)Ask: $850,000Location: Weehawken, NJRent: ~$2,000 per unitAdditional income: $1,000/year - coin laundryExpenses:- Mortgage/Taxes/PMI/Insurance: $5,397*Note: I plan to do a 5% down FHA (possibly 203K depending on condition)Utilities: $250Vacancy: 7%CapEx: 10%Maintenance: 5%Zillow LinkAfter using the BP calculator - It appears that I will be paying ~$850 per month (assuming I purchase full ask).

The problem I have is that any variation of the word 'invest' makes my wife think that a coin flip will lose us our entire life savings.

With a property manager, you're going to have to flip a coin whether they are going to be problem tenants. 

I'd spend a little more money to attract a high quality tenant as I believe in the long run that initial investment will end up costing you less by NOT having to settle for someone who will tear up or destroy your property, evictions, etc.I'd definitely spend the coin if you plan on keeping it.  

It's like putting lipstick on a pig to coin a phrase.