I know when I did my research a few years ago smaller less expensive 1 bedrooms and studios had greater returns then larger units, in that market. 

We sprinklered the building which would have been required anyway, but this allowed us to eliminate the rear egress staircase which eventually became the en suite bath and walk in closet in the master bedroom.

The easiest way to determine what rent should be is to search for one bedroom units in your area and charge less than that.

Refinished into two 3 bedroom 2 bathroom, 1600 sqft. apartments.

Here are the amenities they are currently thinking of providing to travelers:Shared refrigerator spaceShared dishes / dinnerwareComplementary Keurig coffeeComplementary breakfast cereal (possibly eggs)Shower towels w/complementary soap + shampooHigh speed internetA table with the capacity for 5 to 8 chairs so business traveler guests can do some work in the house if they need to (there's not enough room in the bedrooms for individual desks unless)Is there anything you would omit or add to the above list?

I ended up buying a 3 bedroom SFH and renting out 2 of the rooms to some friends.

Guests will not require a non A wich is good and housing is plentiful so I probably wouldn't ask for more than the per diem and I would optimumly want the property to have a full bath for each bedroom renting by the room.

I'm envisioning an attic bedroom??

My plumbing needs repair in the floor of a basement bedroom currently occupied by tenant.

There is an ample supply of distressed single family and small multi family properties in a cash flowing market.