Finishing a basement or attic is nice as well but can be costly.Flooring is a big one.

There is something we call a Contractor finish vs. a Realtor finish.

We just finished paying off $25k credit card debt, we have one auto loan, student loans and the mortgage.

It has inferior finishes and inferior photos....but its staged, and has more curb appeal, the front just pops better.

You can do that yourself to some extent (check zip code, age of home, look at finishes, etc.), but for example, my Realtor will say, "Here's what I found on properties that were within .5 miles of yours, similar age and sq. footage, and rented out in the last 30 days..."

Basement is finished with a kitchenette, bathroom, small living area, small bedroom and a separate entrance.

I'd say most of my clients do rent-by-the-room while they live there, and when they move out they finish up the basement apartment and rent it as two units to make it easier on themselves.

Is this a finished or unfinished basement? 

When you finish a unit (best around) and determine final rent based on research ask yourself "Would I pay $1550 a month to live here, with my family, with my children, etc?

Finished renovations and proceeded to rent out.What was the outcome?