So, for me, it would be property very close to a major university with a medical training program or law program or graduate engineering program.And, I liked renting small studios.  

My studios get rented the day they become available.

Preferably dinky studios lol.  

I would also caution on getting into a complex that is mainly studio or one bedroom units. ( As most sub 50 units seem to be) You will have higher turnover & Vacancy.

But, I would mention that if there's a way to break up that house into studio apartments, you should make even more money, and have less hassle.Most of the units we had in the building next to the university, were small studios.  

He converted it into separate studio apartments.

Most of my apts were tiny studios of about 250 square feet, with a few bigger studios and a few one bedrooms squeezed in.

The one exception is that if a PHA issues 1 Bedroom rate vouchers to 1 person households, they may elect at some point to move those vouchers to studio rate vouchers (0 bedroom rate), which could serious impact the rate that new tenants could rent at, but again would not change the total amount of rent collected by you for tenants currently under a rental agreement.

@Kevin Polite when I first moved into the building I ended up managing (moved in first as a tenant), I was so sad the tiny studio didn't have a tub - but I loved the price and the location.Fast forward, 2 years later, I was the resident manager. 

One thing to consider is converting the garage into a studio and have the tenants park in the street or in the driveway that leads to the garage.