I'm looking for a little advice.A long-term tenant (and decent fellow) contact me to say he wanted to get a roommate.  

I currently have a 30-year fixed at 3.75%.I don't have a specific need for the cash right now...which is my dilemma, but I see the value in "diversifying" and getting a decent chunk of my money out of my one "investment," my primary residence.

I just bought a place that I paid more than I 'should' have but its 32 years old, purpose built and in a decent hood.

The house is in a decent (c+) neighborhood, and is quite outdated inside as far as styling.

Very encouraged to hear that you can get decent cash flow even with the added cost of the turnkey service.

But the key is that you must offer the right price on the property that 1) will get accepted and 2) will yield a decent profit margin. 

You can buy decent stuff online for about what a few month's rental on furnishings will cost you (figure about $500/month to rent a 3 piece bedroom set, couch, loveseat, dining set, and a couple of lamps). 

Even land is becoming hard to get at decent prices since the owners have realized what they have.

If they like them then they must be at least decent at what they do.

You would be well positioned to do a deal at say 250-350 with 60-70 rehab and a decent profit.