But I would think that either a family would take the apartment (husband wife and two children) or college students and single professionals willing to roommate with each other.

I want access to the MLS. 

However, there are multiple ways to access equity in investment property. 

All I use these days is commercial financing regardless of if I'm doing a house or a small apartment building.

Not having access to these (which the owner in the scenario DOES enjoy) leaves you with cashflow - but with very little in the way of knobs, dials and levers with which to manipulate the factors that influence cashflow... 

@Matt Moylan That gesture will be highly appreciated, I saw you sent me a message, but for some reason I am not able to access my inbox because of some technical issue.

Purchase price: $74,500 Cash invested: $12,000 Single studio apartment.

A house I was looking at had an apartment above the garage that never got permits pulled. 

Glad to be apart of the community.

Apart from your own move, you don't want a vacancy in the winter.