My suggestion would be to look for 1600 minimum square feet for New Berlin properties.New Berlin is typically a decent flip area during March through August. ( profit wise )It area is more geared towards larger square footage properties & 2nd time home buyers.

By what unit of measure do you estimate by (per bedroom, per unit, per square foot)?

That's red flag number 1.

The air inside is thich with stink, the walls are yellow with square spots where pictures were hung.Has anybody done this?

You would have to determine a probability on your ability to sublet.Also, if it is zoned as a commercial property, you may want to speak with the local municipality to make sure you can you can do what you'd like with the property.Lastly, I think it is a bit of red flag that it's been sitting on the MLS for 3+ months and it hasn't been scooped up.

A 20-something seeking FHA financing for an investment property just screams risk and red tape.But don't take my word for it.  

Logan Square/Bucktown area.  

This has red flags all over it.

Central Texas - As I type, tile is being placed in my 1200 square foot rental house, 100% tile in the home.

After the first 3 years of marital bliss inside a 394 square foot apartment, we were ready for more space.