Adding in the rent from the other side, the property would still be pretty negative on cash flow (largely due to the FHA loan w/ minimum down, I know).MAYBE I could bring the rent up over the next 3 years to where there is positive cashflow; MAYBE appreciation will be such that I could sell at a gain in several years. 

Some condo HOA's cover the cost of the furnace and hot water tank.

Side hustle or part-time job. 

Living in a unit in my 5 unit building on the east side of Cincinnati. 

Chang,No experience with it myself....but I have read up on it several times and yes it is a real possibility....I was researching as we do new condos and conversions on the Civil and land use planning side of things, and I wondered "what is the redevelopment potential for a small existing condo building in an undervalued location?"

Generally,Location+SF+Amenities+Market Demand = Rent (in dollars).Now think of the right side of that equation as a scale.

A side note your rental type dictates your customer.

Reno has been considered a hot market for several years due to the tech industry spilling over from the Bay Area.

On the side, for the past 12+ years, I've been a hammer-swinger for the two residences I own, doing literally everything except roofing (yep, everything, including plumbing, electrical, ductwork, flooring, demolition, framing, drywall, brick-laying, windows, cabinets...... etc).

The bigger multis I purchased 20-22 unit had substantial value ad that couldn't be done with the 4s and duplexes.On the flip side the buildings I kept are great buildings that have great cash flow and I simply could not replicate.Pete