I have seen many oos investors buy a property way too high where they were told it was 'turnkey' but it only had new flooring and fresh paint, if that, but meanwhile the roof, foundation, mechanicals and/or other big ticket items were in need of replacement.

Thought I would share an example of why we like self storage. 

Remainder of unit is in solid shape and just needs a fresh coat of paint.

You can verify collections here: https://www.nmhc.org/research-insight/nmhc-rent-payment-tracker/The real concessions in this market seem to be in Office/Retail while Multifamily/Self Storage/Industrial seem to be holding up well. 

It also has a large storage space that is big enough to be made into a studio.

However, there was a storage room downstairs, so I turned that into a kitchen!   

I would make sure all of the utilities are in one corner of the basement so you can easily hide them or include them in a storage room.

Hi Everyone, I'm looking to convert a 425sq.ft storage area into a 4th unit in a small multi-family property. 

Keep in mind all measurements for storage are relative.

You could also generate some income that can make buying look better (house hacking, renting storage space).