A tiny basement studio with no light and old fixtures ... probably not going to do it.

@Mark Weinstock browsed is cheaper for sure but just like anywhere you have to look at the area. just to give you guys a heads up. i found a realtor that was my coworker. i can trust her and i feel pretty good that she won't commission hunt on me. by pure luck her brother 20 years ago bought 2 SF and 2 quadplex and he retired a while back just living off the rent. he has been buying and selling other homes for flips. he has decades of experience. hoping he will throw some knowledge my way. there is a light at the end of the tunnel.

However I've done the math, I know there is an ability to add spot lights to the big common parking area (with garage space for each unit!)

-Upgrade to 200-amp, 40-circuit panel-Install 220V dedicated line to where range will be-Install dedicated 20-amp line for refrigerator-Install dedicated 20-amp for above-range mounted microwave-Install 2 separate dedicated 20-amp circuits for kitchen countertops-Install GFCI for dishwasher on dedicated 20-amp circuit-Install 2 separate dedicated 20-amp circuits for each bathroom-Ensure 220V circuit for dryer is functional and compliant-Wire ceiling lights for two smaller bedrooms-Test all circuits in house for functionality

If you wish you may stipulate a occasional visit by a handyman to assess the condition/perform landscaping/ appliance maintenance, and note any noticeable negative changes to the condition, to make sure the property is kept.

But don't forget all your other expenses - taxes, insurance, utilities, landscaping, municipal rental license, HOA fees, reserve for repairs/improvements. 

The mortgage banker should have never given you the green light to get the loan started.Its true that in the East Coast folks go from state to state and do commute 1 1/2 to 2 hr.

Don't forget snow removal + landscaping as well.

@Justin LaTorre Hi and welcome out of the BP shadows and to the light of discussions.  

Cleaning up the outside landscape, changing the mailbox or house numbers, various demo work, getting dumpsters on site, etc.